TLDR

Elon Musk confirms his new “America Party” will embrace Bitcoin, stating “fiat is hopeless”
The party formed after Musk’s split with President Trump over the “Big Beautiful Bill” spending package
Musk criticizes Trump’s bill as fiscally irresponsible, calling it the “debt slavery bill”
The America Party will focus on House and Senate races rather than presidential elections initially
Trump responded by calling Musk a “train wreck” who has gone “off the rails”

Elon Musk has confirmed that his newly announced political party will embrace Bitcoin as part of its platform. The Tesla and SpaceX CEO made the announcement on X after a follower asked if the America Party would support the cryptocurrency.

“Fiat is hopeless, so yes,” Musk replied when asked about Bitcoin adoption. The response aligns with Musk’s long history of cryptocurrency support through his companies.

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

Tesla currently holds 11,509 Bitcoin worth approximately $1.26 billion in its treasury reserves. The electric vehicle company purchased $1.5 billion worth of Bitcoin in early 2021, making it one of the first major publicly traded companies to hold the cryptocurrency.

SpaceX also maintains Bitcoin holdings in its corporate treasury. Both companies demonstrate Musk’s continued belief in cryptocurrency despite market volatility.

The America Party emerged from a public dispute between Musk and President Donald Trump. The conflict centers on Trump’s “Big Beautiful Bill” spending package, which Musk strongly opposes.

Party Formation and Political Goals

Musk announced the party formation after conducting a poll on X platform. More than 1.24 million people participated in the poll, with nearly two-thirds voting in favor of creating the new party.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk wrote. He describes the America Party as pro-tech, pro-free speech, and anti-regulation with centrist policies on other issues.

By a factor of 2 to 1, you want a new political party and you shall have it!

When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy.

Today, the America Party is formed to give you back your freedom. https://t.co/9K8AD04QQN

— Elon Musk (@elonmusk) July 5, 2025

The party has not yet been officially registered. All information about its political ideology comes from Musk’s social media posts and supporter retweets.

Trump Conflict Over Spending Bill

The dispute began over Trump’s “One Big Beautiful Bill” spending package. Musk called the legislation “utterly insane and destructive” and argued it would eliminate millions of jobs while causing strategic harm to the country.

The spending bill is estimated to add $3.3 trillion to the US national debt over the next decade. Musk questioned Trump’s rationale for creating the Department of Government Efficiency (DOGE) while simultaneously supporting massive spending increases.

Musk labeled Trump’s proposal the “debt slavery bill” due to its fiscal impact. He argued that reducing government debt through DOGE while increasing spending through the bill creates a contradiction.

Political Strategy and Response

The America Party plans to focus on House and Senate races rather than immediately running a presidential candidate. This strategy targets congressional seats to build political influence gradually.

Musk envisions the party as a centrist alternative to existing political options. He previously stated that the US needs a new political party that “actually cares about the people.”

Trump’s Response and Future Impact

President Trump responded harshly to Musk’s party announcement on Truth Social. He called Musk a “train wreck” who has gone “off the rails” in a Sunday evening post.

Trump expressed concern that the America Party could fracture the Republican vote in the 2026 midterm elections. This worry reflects the potential impact of a well-funded third party on traditional two-party dynamics.

Jan3 founder Samson Mow suggested that embracing Bitcoin could give Musk an advantage over Trump in their ongoing feud. Mow recommended that Tesla resume accepting Bitcoin payments and that SpaceX offer discounts for Bitcoin transactions.

The America Party currently lacks an official website or formal registration, with all information coming from Musk’s social media activity and supporter interactions.

The post Elon Musk’s America Party to Embrace Bitcoin Following Trump Split appeared first on CoinCentral.

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Filed under: News - @ July 7, 2025 8:27 am