Tesla CEO Elon Musk has announced that his newly formed political party, the America Party, will fully embrace Bitcoin as part of his advocacy for cryptocurrency.
Musk made this known on X on Monday when a user asked if the America Party would support Bitcoin. He responded, “Fiat is hopeless, so yes,” emphasising his distrust in traditional financial systems.
The declaration follows a recent public fallout between him and President Donald Trump over fiscal policy.
Elon Musk’s rift with Trump over national debt
Musk’s fallout with Donald Trump, whom he once supported, resulted in the birth of the America Party. Their split centers around the new legislative proposal, the “One Big Beautiful Bill,” a tax and spending plan that Musk says will worsen the national debt.
The billionaire slammed the bill, calling it utterly insane and destructive, and warned that it would lead to immense strategic harm and the loss of millions of American jobs.
Over 1.24 million people voted in a poll Musk posted on whether he should start the America Party, with nearly two-thirds voting. Following the poll, Musk declared the party’s formation and stated its mission would prioritise technology, free speech, and fiscal responsibility.
He further revealed that the America Party will focus on House and Senate races rather than immediately field a presidential candidate.
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk wrote on X, slamming both major political parties.
The America Party does not yet have an official website or formal registration, but it is quickly gaining popularity on social media, driven by Musk’s high followers and influence.
Crypto community reacts to ‘Fiscal Emergency’
Meanwhile, James Toledano, COO at Unity Wallet, commented that Trump’s bill’s fiscal expansion could weaken the dollar and stoke inflation, potentially boosting Bitcoin’s appeal as ‘digital gold’.
He echoed Musk’s warning, “The U.S. dollar will be worth nothing if the U.S. doesn’t do something about its national debt.”
Crypto analyst Lark Davis also called the bill a “big red flag for fiscal sustainability and one big green flag for risk assets, especially crypto.” He added, “This is exactly why we buy Bitcoin.”
Lastly, Davis noted that after previous large U.S. spending bills, Bitcoin often surged, speculating a potential rally to $150,000 if trends repeat.