tl;dr
Elon Musk announced that his newly proposed America Party will adopt Bitcoin, dismissing traditional fiat currency as "hopeless." Tesla and SpaceX hold significant Bitcoin reserves, reinforcing Musk's support for cryptocurrencies. The America Party aims to challenge the two-party system by focusing ...
Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has confirmed that his newly proposed America Party will adopt Bitcoin (BTC). The announcement was made in a brief reply on X (formerly Twitter) in response to a user's question about the political party embracing Bitcoin. Musk also dismissed traditional fiat currency as "hopeless," sparking optimism among the crypto community who view this as a bullish signal for the leading cryptocurrency.
Musk's support for cryptocurrencies is well-known, with Tesla and SpaceX both holding substantial Bitcoin reserves. Tesla holds 11,509 BTC, ranking it the 8th largest publicly listed Bitcoin holder, while SpaceX holds 8,285 BTC. This announcement comes amid Musk's public feud with former President Donald Trump over a controversial bill, which previously triggered around $1 billion in crypto market liquidations.
The formation of the America Party aims to disrupt the typically two-party dominated American political system. Musk suggests the party could focus on gaining influence through House districts and Senate seats rather than the presidential race, hoping to leverage political power in legislative decisions. He has the advantage of strong polling presence on X, an existing political action committee (PAC), and the ability to crowdsource signatures quickly.
Despite this, some remain skeptical. President Trump criticized Musk's move as "ridiculous," warning that third parties historically fail in the U.S. and typically create disruption rather than progress. The America Party has not registered with the Federal Election Commission yet, but influential individuals like Anthony Scaramucci and billionaire Mark Cuban have expressed support for the initiative.