Elon Musk, the entrepreneur known for Tesla, has announced the formation of a new political party named ‘America’. The primary aim of the new party is to support Bitcoin and challenge the dominance of traditional political structures in the U.S.
Formation of the ‘America Party’
Musk revealed the formation of the ‘America Party’ via the X platform. This move comes amid growing public dissatisfaction with traditional politics and government spending.
Criticism of Legislative Initiatives
Musk criticized a recent $3.4 trillion bill, calling it a ‘disgusting abomination’ and warning that it would exacerbate the national deficit. He had previously opposed increased government spending when leading the Department of Government Efficiency (DOGE).
Impact on the Cryptocurrency Market
The launch of the ‘America Party’ has already attracted interest from high-profile figures, including billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci. Following Musk's announcement, Bitcoin saw a modest rise, trading up 0.78% in the past 24 hours.
Musk’s political ambitions could have significant implications for the digital asset market in the U.S. The cryptocurrency community is closely watching how the new party will influence cryptocurrency legislation.
