Elon Musk confirms new ‘America Party’ will embrace Bitcoin

Tesla CEO and tech entrepreneur Elon Musk has confirmed that his newly formed political party — the America Party — will consider accepting Bitcoin.

“Fiat is hopeless, so yes,” Musk replied to an X user who inquired about his new party's stance on Bitcoin.

Source: Elon Musk

Musk’s Crypto Involvement

Elon Musk's association with Bitcoin is well-established. Tesla was an early adopter, incorporating BTC into its treasury.

Under Musk's leadership as Tesla CEO, the company made a significant move in early 2021, purchasing $1.5 billion worth of BTC. This positioned Tesla as one of the first publicly traded companies to include Bitcoin in its treasury reserves.

Currently, Tesla holds 11,509 BTC, valued at approximately $1.26 billion. According to Bitbo, this makes the EV manufacturer the ninth-largest publicly traded company to hold Bitcoin in its treasury.

Over the years, the Tesla CEO has also been a vocal supporter of Dogecoin, with his tweets often triggering rallies or crashes in the memecoin's price.

Jan3 founder Samson Mow suggested that embracing Bitcoin could give Musk an advantage over Trump in their ongoing dispute.

Mow proposed that Tesla should resume accepting Bitcoin as payment and that Musk’s SpaceX should offer discounts to customers who pay in Bitcoin.

In 2024, Musk initially dismissed the idea of using the Bitcoin network as a payment system on Mars. However, he later reconsidered, suggesting that a localized Lightning Network could address the issue of slow transactions.

It's worth noting that Musk's stance on Bitcoin has not always been consistent. In 2021, he stated that the price of Bitcoin was "too high," which subsequently led to a price drop.

Musk's Disagreement with Trump

Musk's relationship with Donald Trump has become strained due to Trump's "One Big Beautiful Bill." Musk has previously criticized the bill as "utterly insane and destructive," arguing that it would eliminate millions of jobs in the US and inflict "immense strategic harm" on the country.

The One Big Beautiful Bill Act is projected to increase the US national debt by $3.3 trillion over the next decade.

Musk questioned Trump's logic in creating the DOGE, an initiative aimed at reducing the US national debt, while simultaneously proposing policies that would increase the national debt by trillions of dollars.

He later hinted at the need for a new political party in the US that "actually cares about the people."

On Sunday, Musk announced the formation of the America Party after a poll he conducted on X, which garnered over 1.24 million votes, with nearly two-thirds of respondents supporting the creation of the new party.

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

Former US President Donald Trump has since criticized Musk for establishing a third political party, suggesting that it could divide the Republican vote in the 2026 US midterm elections.