Elon Musk has officially revealed that his newly launched political movement, the America Party, will be pro-Bitcoin.
Responding to a question on X (formerly Twitter) about whether Bitcoin would be part of the party’s economic stance, Musk replied: “Fiat is hopeless, so yes.”
Musk’s Ongoing Crypto Involvement
Musk has a well-documented history with Bitcoin. During his time at Tesla, the company made headlines in 2021 by purchasing $1.5 billion worth of BTC, becoming one of the earliest major corporations to add the cryptocurrency to its balance sheet.
Currently, Tesla holds approximately 11,509 BTC—valued at around $1.26 billion—placing it among the top ten public companies with significant Bitcoin holdings, according to Bitbo.
In addition to Bitcoin, Musk has often shown public support for Dogecoin, a meme-inspired cryptocurrency whose price has historically surged or plunged following Musk’s social media posts.
Samson Mow, founder of Jan3, believes Musk’s Bitcoin-friendly stance could give him a strategic advantage over Donald Trump, especially given their ongoing political rivalry. Mow suggested Tesla should once again accept BTC as payment, and that Musk’s other venture, SpaceX, could offer Bitcoin-based discounts to customers.
Although Musk previously dismissed the practicality of Bitcoin on Mars in 2024 due to its slow transaction speed, he later speculated that a localized version of the Lightning Network might overcome those limitations.
Musk’s view on Bitcoin hasn’t always been favorable. Back in 2021, his claim that BTC was “too high” in price led to a market dip.
Political Clash with Trump
Musk’s relationship with former President Donald Trump has soured, particularly after Trump’s proposal of the “One Big Beautiful Bill,” which Musk harshly criticized as “insane” and potentially disastrous for the U.S. economy.
Musk raised concerns over the bill’s projected $3.3 trillion addition to the national debt over the next decade, questioning how Trump’s “Debt Obliteration Great Effort” (DOGE) initiative could possibly reduce debt while proposing such massive spending increases.
Amid this growing discord, Musk floated the idea of forming a new political party that “actually represents the people.” Following a Twitter/X poll where over 1.24 million users participated—nearly two-thirds in favor—he formally announced the creation of the America Party.
“In terms of reckless spending and corruption, the U.S. is effectively a one-party state,” Musk commented. “That’s not democracy.”
Trump didn’t hold back in his response, warning that Musk’s new political force could split the Republican base ahead of the 2026 midterm elections.
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