Elon Musk Confirms ‘America Party’ Will Support Bitcoin Adoption
Tesla CEO Says “Fiat Is Hopeless” As New Political Party Embraces Crypto
Elon Musk has officially confirmed that his newly launched political movement — the America Party — will endorse Bitcoin as part of its platform, signaling further alignment with the crypto space.
Responding to an X user on Sunday who asked whether the party would support Bitcoin, Musk replied, “Fiat is hopeless, so yes.”
Longstanding Ties Between Musk and the Crypto Industry
Musk’s history with Bitcoin dates back several years. Under his leadership, Tesla made headlines in early 2021 after acquiring $1.5 billion worth of BTC, becoming one of the first major publicly traded firms to hold Bitcoin as a treasury asset.
As of now, Tesla holds approximately 11,509 BTC — valued at around $1.26 billion — making it the ninth-largest public company in terms of Bitcoin holdings, per Bitbo data.
In addition to Bitcoin, Musk has been a vocal supporter of Dogecoin. His social media activity has often led to sharp price swings in the meme-based cryptocurrency.
Jan3 CEO Samson Mow recently commented that Musk’s embrace of Bitcoin could give him a political edge over Donald Trump. Mow also called on Tesla to resume Bitcoin payments and suggested SpaceX offer discounts for BTC transactions.
While Musk previously dismissed Bitcoin payments for Mars colonization in 2024, he later suggested that a localized Lightning Network could resolve speed concerns on the Red Planet.
His stance on Bitcoin has shifted over the years. In 2021, Musk declared BTC “too high in price,” leading to a temporary dip in the market.
Political Rift Between Musk and Trump Deepens
Tensions between Elon Musk and Donald Trump have escalated in recent months, particularly over Trump’s “One Big Beautiful Bill,” which Musk described as “insane” and “destructive,” arguing it would cost millions of jobs and damage US competitiveness.
The bill is projected to add $3.3 trillion to the US national debt over the next 10 years.
Musk questioned Trump’s motivations for launching the DOGE initiative to cut national debt while simultaneously approving massive new spending.
Following public debate, Musk launched a poll asking whether he should create a new political party. With more than 1.24 million responses, nearly 66% supported the idea, prompting him to announce the formation of the America Party on Sunday.
“We don’t have a democracy — we have a one-party system when it comes to wasting money and corruption,” Musk said.
Former President Trump has since criticized Musk’s move, warning that it could split the conservative vote in the 2026 midterm elections.
