Elon Musk promises to expand cryptocurrency adoption through his new political party
Elon Musk has confirmed that his newly established political party, the America Party, will embrace Bitcoin as part of its operations. Musk’s stance on Bitcoin reflects his ongoing belief in the potential of digital currencies to disrupt traditional financial systems. In a recent exchange on social media platform X, Musk responded affirmatively when asked if his party would accept Bitcoin, stating, “Fiat is hopeless, so yes.”
Musk is no stranger to the cryptocurrency world. Tesla, under his leadership, made headlines in 2021 when it purchased $1.5 billion worth of Bitcoin, becoming one of the first major publicly traded companies to hold the cryptocurrency in its treasury.
Tesla currently holds over 11,500 BTC, worth roughly $1.26 billion, solidifying Musk’s position as a major supporter of Bitcoin. He has also shown support for other digital assets, particularly Dogecoin, which has experienced significant price movements following Musk’s tweets.
Fiat is hopeless, so yes
— Elon Musk (@elonmusk) July 7, 2025
In addition to cryptocurrency, Musk’s political ambitions seem to be fueled by his dissatisfaction with the current political landscape, particularly his growing feud with former President Donald Trump.
Musk has criticized Trump’s policies, especially his “One Big Beautiful Bill,” arguing that it could significantly harm the US economy by adding trillions of dollars to the national debt. Musk has also expressed a desire for a new political party that prioritizes the interests of the American people over traditional party lines.
The announcement of the America Party came after a poll on Musk’s social media, where more than 1.24 million people voted, with a significant majority in favor of Musk’s idea of creating a new political entity. This move has sparked considerable debate, particularly as Trump has criticized Musk’s creation of a third political party, claiming it could split the Republican vote in the upcoming 2026 midterm elections.
Musk’s commitment to accepting Bitcoin within his new political framework further highlights his ongoing interest in challenging the status quo, both in business and politics.
