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Elon Musk confirmed on July 7 that his newly formed America Party will incorporate Bitcoin into its platform, declaring traditional fiat currency "hopeless." The announcement came through a reply on his social media platform X, where Musk has previously made market-moving cryptocurrency statements.
The tech entrepreneur brings substantial crypto credibility to his political venture. Under Musk's leadership, Tesla became an early corporate adopter of Bitcoin, purchasing 【$1.5 billion】 worth in February 2021. Though the company later sold portions of its holdings, it retains 11,509 BTC valued at approximately 【$1.26 billion】 as of press time.
——"Fiat is hopeless, so yes,"—— Musk responded when asked about Bitcoin adoption by his party. This positions the America Party as potentially the first major U.S. political organization to formally embrace cryptocurrency.
The political formation follows Musk's growing criticism of current leadership. In recent weeks, the billionaire has clashed publicly with former President Donald Trump over fiscal policy, calling proposed legislation "utterly insane and destructive." Analysts suggest Musk's crypto-friendly stance could differentiate his party from established alternatives.
Jan3 founder Samson Mow noted the strategic advantage: "Embracing Bitcoin gives Musk a unique policy platform that appeals to younger, tech-savvy voters." Mow proposed Tesla should resume Bitcoin payments and SpaceX offer crypto discounts.
Musk's announcement completes a remarkable evolution in his cryptocurrency views. After causing market volatility in 2021 by calling Bitcoin prices "too high," he's since explored blockchain solutions for interplanetary commerce and now positions crypto at the center of his political agenda.
The America Party's formation follows an X poll where 1.24 million participants voted, with 66% supporting the new political venture. As traditional parties grapple with cryptocurrency regulation, Musk's move could force broader discussion of digital assets in mainstream politics.
Political observers note the timing coincides with growing cryptocurrency adoption among U.S. voters. With 【19%】 of American adults now owning crypto according to recent surveys, Musk's embrace of Bitcoin may appeal to this emerging demographic.
——The move sets up an intriguing clash between tech-forward populism and traditional party structures—— as the 2026 midterm elections approach. Whether Musk can translate his business success into political influence remains uncertain, but his entry guarantees cryptocurrency will remain in the national conversation.