Elon Musk says his new political party will support bitcoin: ‘Fiat is hopeless’

The Block

2025-07-07 10:21:09

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Elon Musk's recently announced "America Party" will support bitcoin, the Tesla CEO said on social media platform X on Sunday.

"Fiat is hopeless, so yes," Musk said, replying to an X user asking if his new political party would embrace bitcoin.

Musk announced the formation of the America Party on Saturday, after surveying the idea in a poll on X. The new party aims to challenge the Republican and Democratic two-party system.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk wrote in his X post on Saturday. "Today, the America Party is formed to give you back your freedom."

The America Party's launch follows Elon Musk's highly publicized dispute with former close-ally Donald Trump over the $3.4 trillion "Big, Beautiful Bill," a spending package Musk criticized for significantly increasing the U.S. deficit. Trump's bill was signed into law last week.

Musk, who previously led the Department of Government Efficiency (DOGE) to cut federal spending, called the spending bill a "disgusting abomination."

"One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts," Musk said in an X post. "Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people."

Meanwhile, Trump said in a Truth Social post that Musk had gone "completely off the rails," adding that a third political party has never succeeded in the history of the U.S.

The America Party has already launched its official website, with billionaire Mark Cuban and SkyBridge Capital Founder Anthony Scaramucci showing interest in the new party. The America Party has not been formally registered with the Federal Election Commission, and Musk has yet to provide a detailed roadmap.

Bitcoin is trading up 0.78% in the past 24 hours at $109,028, according to The Block's bitcoin price page.

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