Elon Musk Launches "America Party" With Bitcoin At Its Core
Elon Musk has officially launched a new political movement called the "America Party," which will embrace Bitcoin as part of its platform. Responding to a question on his social media platform X, Musk declared "Fiat is hopeless, so yes" when asked if the party would support Bitcoin. This announcement signals a major shift in how cryptocurrency could influence US politics.
The America Party was formed after a public poll where over 1.24 million people voted, with nearly 65% supporting the idea. Musk explained that America operates under a "one-party system" when it comes to wasting money through corruption. His new party aims to give freedom back to the people.
Why Bitcoin Matters to the America Party
Musk has been involved with Bitcoin for years through his companies. Tesla still holds approximately 11,509 Bitcoin worth about $1.26 billion today, making it one of the largest corporate Bitcoin holders globally. SpaceX, Musk's rocket company, also keeps Bitcoin on its balance sheet.
The party's embrace of Bitcoin comes during Musk's public feud with former ally Donald Trump. Their disagreement centers on Trump's "Big Beautiful Bill" spending package, which Musk calls the "debt slavery bill" for potentially adding $3.3 trillion to the national debt. Musk previously led a government efficiency department (DOGE) under Trump before resigning in protest.
Immediate Impact on Crypto Markets
Within minutes of Musk's Bitcoin endorsement:
- Bitcoin's price jumped from $108,735 to $109,627
- Trading volume surged 28% to $38 billion
- Open interest in Bitcoin futures rose 4% to $75 billion
Crypto experts believe this political move could accelerate Bitcoin adoption. Samson Mow of Jan3 noted that embracing Bitcoin could give Musk an advantage in his feud with Trump. Others in the crypto community celebrated the news as validation of Bitcoin's role as an alternative to traditional finance.
How the America Party Will Work
Rather than immediately running a presidential candidate, Musk plans to focus on winning key Senate and House races in 2026. The party's platform includes:
| Policy Area | Position |
|---|---|
| Technology | Pro-innovation, AI development |
| Regulation | Reduced rules across industries |
| Free Speech | Strong protection of expression |
| Fiscal Policy | Responsible spending, debt reduction |
Reactions and Challenges
President Trump quickly criticized Musk's plan, calling it a "train wreck" that could split Republican votes. Treasury Secretary Scott Bessant suggested Musk should "focus on business, not politics."
Despite the criticism, some prominent figures like billionaire Mark Cuban and investor Anthony Scaramucci have shown interest in the new party. However, the America Party hasn't yet been formally registered with the Federal Election Commission.
What Comes Next for Crypto Politics
Musk hasn't detailed exactly how Bitcoin will be used within the party, but experts suggest several possibilities:
- Accepting Bitcoin donations for political campaigns
- Developing crypto-friendly policies if elected
- Encouraging government transparency through blockchain technology
The move represents growing recognition of cryptocurrency's role in challenging traditional financial systems. With Bitcoin trading near all-time highs, Musk's endorsement could further push digital assets into mainstream politics.
