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In a bold move, Elon Musk recently announced via X that “The America Party is the solution.” Just hours later, his followers raised a critical question: Would this new political initiative endorse Bitcoin? Musk’s reply, delivered three hours later, quickly gained traction: “Fiat is hopeless, so yes.”
Elon Musk Champions Bitcoin in New Political Initiative
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This interaction between Musk and Brazilian Bitcoiner Renato Lima highlighted two significant developments: Musk’s growing discontent with former President Donald Trump’s expansive fiscal policies and the narrative of Bitcoin as an antidote to the flaws of the fiat currency system. On July 5, Musk officially launched the America Party, positioning it as a potential game-changer in closely contested House and Senate elections, capable of shifting the power dynamics in Washington.
In a series of posts coinciding with Independence Day, Musk surveyed 1.25 million X users about their desire for “independence from the two-party system,” with nearly 65% affirming their support. Trump’s rebuttal, labeling Musk as “off the rails” and criticizing his stance on electric vehicle subsidies, only solidified Musk’s resolve.
Bitcoin enthusiasts quickly seized this opportunity. An account named “America Party” responded to Michael Saylor’s popular BTC-treasury tracker with the phrase, “Some weeks you HODL. Some decades, you need a new political party.” Although the account was soon flagged as unaffiliated with Musk, the sentiment resonated widely, highlighting the nascent stage of the party’s formal structure.
Despite the lack of formal organization, Musk’s endorsement carried significant weight. Following his “Fiat is hopeless” tweet, the post garnered widespread attention, reaching millions of impressions, which coincided with Bitcoin’s surge to over $109,000.
Musk’s corporate history lends credibility to his Bitcoin endorsement. Tesla, under his leadership, initially added Bitcoin to its assets in February 2021, and despite some sales, still retains approximately 11,509 BTC. Furthermore, Musk has previously enabled Bitcoin transactions for Tesla, although later suspended due to energy usage concerns. His new political venture, therefore, inherits a strong association with Bitcoin, echoing its principles of financial independence and innovation.
However, the policy implications remain ambiguous. The America Party currently lacks a detailed platform, official members, or registered fundraising entities with the Federal Election Commission. Nonetheless, Musk’s intention to target competitive districts suggests that cryptocurrency regulation could emerge as a pivotal issue.
The emergence of another pro-Bitcoin political entity presents a challenging scenario for Donald Trump, particularly as his influence in the tech sector diminishes. Bitcoin and cryptocurrency advocates, who were instrumental in Trump’s past success, now have a new political option that aligns with their libertarian values. Should Musk’s party field candidates in 2026, it could attract a key demographic of tech-savvy, anti-establishment voters, potentially altering the balance in narrowly contested districts and diminishing Trump’s electoral prospects.
As of now, Bitcoin is trading at $109,086.
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