Tesla CEO and tech mogul Elon Musk has confirmed that his newly launched political group, the America Party, will support Bitcoin.
When asked on X whether the party would adopt the cryptocurrency, Musk responded, “Fiat is hopeless, so yes.”
Musk’s crypto ties
Elon Musk is no stranger to Bitcoin, with Tesla among the early adopters of the cryptocurrency. Under Musk’s leadership, Tesla purchased $1.5 billion worth of Bitcoin in early 2021, becoming one of the first publicly traded companies to add BTC to its treasury.
As of now, Tesla holds 11,509 BTC—valued at approximately $1.26 billion—making it the ninth-largest publicly traded company in terms of Bitcoin holdings, according to Bitbo.
In addition to Bitcoin, Musk has long been a vocal supporter of Dogecoin. His tweets over the years have often triggered sharp price movements in the memecoin, causing both rallies and crashes.
Samson Mow, founder of Jan3, suggested that Musk’s embrace of Bitcoin through his new political venture could give him an edge in his ongoing rivalry with Donald Trump. Mow also urged Tesla to resume accepting Bitcoin payments and proposed that Musk’s aerospace company, SpaceX, offer discounts for customers paying in BTC.
While Musk once dismissed the idea of using Bitcoin for payments on Mars due to network latency, he later acknowledged that a localized version of the Lightning Network might offer a viable solution.
However, Musk’s stance on Bitcoin hasn’t always been consistent. In 2021, he publicly stated that the cryptocurrency’s price was “too high,” prompting a dip in BTC’s market value.
Musk’s feud with Trump
Elon Musk’s relationship with Donald Trump has soured, largely due to Trump’s proposed “One Big Beautiful Bill,” which Musk has strongly criticized as “utterly insane and destructive.” Musk warned that the bill would eliminate millions of American jobs and pose “immense strategic harm” to the nation.
The controversial legislation is projected to increase the U.S. national debt by $3.3 trillion over the next decade. Musk questioned the logic behind Trump’s support for the DOGE initiative—aimed at reducing national debt—while simultaneously backing a bill that would dramatically expand it.
In response, Musk hinted that the country needs a new political party that “actually cares about the people.” That idea took shape on Sunday when he officially announced the formation of the America Party, following a poll on X in which over 1.24 million users participated. Nearly two-thirds voted in favor of the new party.
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk said.
Donald Trump has since criticized Musk’s move, warning that the creation of a third party could splinter the Republican vote in the upcoming 2026 U.S. midterm elections.
