Elon Musk has confirmed that his newly proposed political movement, the America Party, will officially support Bitcoin, doubling down on his long-standing skepticism toward fiat currency.
America Party Will Support Bitcoin, Musk Confirms
In a response to a follower on X (formerly Twitter), Elon Musk confirmed that his America Party will back Bitcoin, declaring, “Fiat is hopeless.” The Tesla CEO made the comment shortly after revealing plans to form a new political party that, according to him, will better represent the interests of American citizens.
The announcement followed a poll Musk posted on X, in which over 1.24 million users participated. Nearly two-thirds voted in favor of creating a new political party, signaling strong grassroots support for the initiative.
Tesla’s Early Bitcoin Bet
Musk is no newcomer to cryptocurrency. Under his leadership, Tesla became one of the first major corporations to invest in Bitcoin, purchasing $1.5 billion worth of BTC in early 2021. As of now, Tesla holds 11,509 BTC—valued at approximately $1.26 billion—making it the ninth-largest public company in terms of Bitcoin holdings, according to Bitbo.
Despite temporarily suspending Bitcoin payments over environmental concerns, Musk has remained vocal about his interest in the asset. He has also championed Dogecoin, with his tweets often driving dramatic price swings in the meme coin.
Embracing Crypto Could Give Musk a Political Edge
Samson Mow, CEO of Bitcoin infrastructure firm Jan3, believes Musk’s pro-Bitcoin stance could give him an advantage in his ongoing political rivalry with Donald Trump. Mow even suggested that Tesla should resume accepting Bitcoin payments, and that Musk’s aerospace company, SpaceX, could offer BTC payment discounts.
Although Musk previously rejected the idea of using Bitcoin on Mars due to transaction speed limitations, he later acknowledged that the Lightning Network could resolve these concerns for localized payments.
Musk and Trump: A Growing Rift
Musk’s relationship with former President Donald Trump has soured in recent months, particularly over Trump’s “One Big Beautiful Bill.” Musk criticized the legislation as “utterly insane,” warning that it could destroy millions of American jobs and add $3.3 trillion to the national debt.
He also questioned Trump’s credibility for launching the “DOGE” initiative—aimed at reducing U.S. debt—while simultaneously endorsing a bill that dramatically increases it.
Musk has repeatedly called for a new political movement that genuinely prioritizes the American people, describing the current system as “a one-party state bankrupting the country through waste and graft.”
Trump Responds: Fears Party Split
Trump has publicly attacked Musk for launching a third-party campaign, warning that the America Party could fracture the Republican vote ahead of the 2026 U.S. midterm elections. The former president views Musk’s political move as a potential threat to GOP unity during a critical election cycle.
