Elon Musk, the Tesla chief and SpaceX founder, unveiled the America Party on Saturday via his X(Twitter) account and on Sunday confirmed it will embrace Bitcoin because, he said, “fiat is hopeless”.
He replied to an X(Twitter) user asking if the new party would support the digital currency. Musk aims to break the two‑party hold of Democrats and Republicans by offering voters fresh choice. He sees bitcoin as a tool to protect value and decentralize power.
Origins of the America Party
Musk floated the idea in a poll on X(Twitter), asking followers if they wanted a new political group to challenge the status quo. After a strong positive response, he declared the party’s birth.
He criticized recent wasteful spending, pointing to a $3.3 trillion bill he says will push the country toward bankruptcy. The America Party sprang up overnight, driven by social media feedback more than formal planning.
Crypto Embrace and Party Vision
On Sunday Musk made it clear that the new party will back bitcoin. He posted simply, “Fiat is hopeless, so yes,” signaling a clear stance on digital money.
Later the party itself added that crypto is not a threat but a tool to decentralize power, protect value, and build systems that work. This statement shows the America Party wants to give people more control over money and data without relying on banks or big tech.
Historic Crypto Surges and Musk’s Influence
When Tesla announced in early 2021 that it had bought $1.5 billion in bitcoin and would accept it for car purchases, the token shot to a record high near $69,000.
That move underlined how Musk’s firms can sway markets almost instantly. Dogecoin, the meme coin Musk often tweets about, also spikes in value each time he mentions it. Investors now watch his every post, betting that a single tweet could send prices climbing by double‑digit percentages.
Also Read: Elon Musk Uses Meme to Caution Social Media Users About the Growing Threat of Crypto Phishing Scams
Potential Impact on Bitcoin Price
With the America Party backing Bitcoin, some traders predict another price jump or even a new all‑time high.
The idea of a major party adopting crypto lends fresh legitimacy to bitcoin’s role in politics and finance. If enough voters and donors embrace this stance, demand for Bitcoin could rise. Markets may respond with another surge, especially if other public figures follow suit.
Challenges Ahead
Despite the buzz, the America Party is not yet registered with the Federal Election Commission. Claims of a filing under “Elon Reeve Musk” proved false and were denied by Musk himself.
Without formal steps, the party remains more concept than campaign. Skeptics note that every third party in U.S. history has failed to win significant office.
Musk will need to show detailed plans, gather volunteers, and secure funding before the party can compete in elections.
Public and Political Reactions
Donald Trump weighed in on Truth Social, saying Musk had “gone completely off the rails” and warning that no third party has ever worked in the U.S. Meanwhile, supporters like Mark Cuban and Anthony Scaramucci have expressed interest in the project.
The new website offers more on the party’s mission but does not yet list policy details or leadership beyond Musk’s posts. Analysts say early excitement must translate into real‑world organization if the America Party hopes to last.
Also Read: Elon Musk’s X Introduces XChats, Promises Bitcoin-Style Encryption & Calling Without Phone Number