Elon Musk New Party Supports Bitcoin Over Fiat

In the midst of a developing political struggle, Elon Musk, the CEO of Tesla, has announced the formation of a new political party called the America Party, which will accept Bitcoin as a form of currency. This declaration came during a conversation on X, where Musk emphasized his belief that “fiat is hopeless.”

Notably, his support for Bitcoin is not new; Tesla was an early adopter, having purchased $1.5 billion worth of Bitcoin in early 2021 and currently holding approximately 11,509 BTC valued at around $1.26 billion.

Elon Musk New Party Values Bitcoin 

In recent years, Musk’s connection to Bitcoin has been closely watched, given Tesla’s status as one of the first publicly traded companies to incorporate Bitcoin into its treasury reserves. This move positioned Tesla as the ninth-largest company in terms of Bitcoin holdings. Additionally, Musk has been a vocal supporter of Dogecoin, which has seen volatile price movements in response to his tweets.

Samson Mow, founder of Jan3, suggested that Musk’s embrace of Bitcoin could provide him with a competitive advantage over Donald Trump, especially in their ongoing rivalry. Musk also urged Tesla to resume accepting Bitcoin as payment and proposed that SpaceX offer discounts for Bitcoin transactions.

While Musk has previously expressed skepticism about Bitcoin, calling its price “too high” in 2021, he has recently shown more openness to the idea of using Bitcoin, even considering a localized Lightning Network to address transaction speed concerns on Mars.

Musk’s relationship with Trump has soured, particularly over Trump’s “One Big Beautiful Bill,“ which Musk criticized as “utterly insane and destructive.“ He argued that the bill could add $3.3 trillion to the national debt and questioned the logic behind Trump’s initiative, which aimed to reduce the debt while simultaneously increasing it.

Trump Reacts to ‘America Party’ Launch

In the wake of a poll where over 1.24 million people voted, with nearly two-thirds in favor, Musk confirmed the launch of the America Party. He stated that the current political landscape resembles a one-party system rather than a democracy, citing the need for a party that genuinely cares about the populace.

Trump has responded to Musk’s announcement, warning that the emergence of a third political party could split the Republican vote in the upcoming 2026 midterm elections.