Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has confirmed that his newly proposed America Party will adopt Bitcoin ( BTC).
The announcement was made in a brief reply on X (formerly Twitter). It came in response to a user’s question on X (formerly Twitter) asking if the political party would ‘embrace Bitcoin.’
Elon Musk’s America Party to Embrace Bitcoin
In addition to showing his support for Bitcoin, Musk dismissed traditional fiat currency as ‘hopeless.’
His endorsement ignited optimism among the crypto community, who see it as a bullish signal for the largest cryptocurrency.
“That’s a huge signal. One of the most powerful voices backing BTC on a political level now,” Cas Abbé wrote.
It is worth noting that the CEO’s support for cryptocurrencies is well-established. Both Tesla and SpaceX hold Bitcoin in their corporate treasuries. Bitcoin Treasuries data shows that Tesla holds 11,509 BTC, making it the 8th largest publicly listed BTC holder. Furthermore, SpaceX has 8,285 BTC.
Meanwhile, the announcement follows Musk’s public rift with President Donald Trump over the ‘big beautiful bill.’ The conflict first started in early June, when the former called the bill a ‘disgusting abomination.’ The fallout impacted crypto markets, leading to around $1 billion in liquidations.
While the tensions eased soon after, the peace didn’t last. BeInCrypto reported that Musk re-ignited the feud earlier this month and called for creating a new political party. Finally, over the weekend, the tech billionaire announced the formation of The America Party.
Nonetheless, launching a new party is not easy. The American political system is primarily dominated by two main parties: the Democratic and Republican parties. While smaller third parties, like the Libertarian and Green parties, exist, they have limited influence.
However, Musk could adopt a different strategy, not centered around the presidential elections. He suggested that the party could focus on House districts and Senate seats. He believes that by concentrating on these legislative positions, the party could gain enough political leverage to influence lawmakers’ decisions.
“He’s polling millions on X, has an existing PAC, and could crowdsource signatures quickly and easily. If he pulls it off, it could be the biggest disruption to US politics in recent memory and the beginning of a new third-party era,” IBC Group founder Mario Nawfal posted.
Still, not everyone is impressed by Musk’s idea. President Trump called the move ‘ridiculous,’ and said Musk has become a ‘train wreck.’
“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks. He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them. The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds!” the President said.
The America Party has not yet registered with the US Federal Election Commission (FEC). However, notable figures such as Anthony Scaramucci, founder of SkyBridge Capital, and American billionaire Mark Cuban have shown support for the initiative.
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