Elon Musk, CEO of Tesla and renowned entrepreneur, has announced the formation of a new political party, ‘America Party,’ which will accept Bitcoin.
Confirmation of Bitcoin Support
Musk confirmed that his party will accept Bitcoin in response to a user on X, expressing dissatisfaction with fiat currencies by stating: 'Fiat is hopeless, so yes.'
Musk’s Ties to Cryptocurrency
Elon Musk is known for his connections to cryptocurrency. Under his leadership, Tesla bought $1.5 billion worth of Bitcoin in early 2021, making it one of the first publicly traded companies to hold Bitcoin in its treasury reserves. Currently, Tesla holds 11,509 BTC, worth approximately $1.26 billion. Additionally, Musk has supported Dogecoin, significantly affecting its price at various times.
Conflict with Trump
Musk’s relationship with Donald Trump has soured over the ‘One Big Beautiful Bill’ proposal, which Musk described as ‘utterly insane and destructive.’ He also questioned Trump’s rationale for debt reduction initiatives while appearing to increase the national debt. On July 16, Musk announced the creation of his new party following a poll where more than 1.24 million voters participated, with nearly two-thirds supporting it. Trump has since criticized the initiative, claiming it could split the Republican vote in the 2026 midterm elections.
Elon Musk’s formation of the ‘America Party’ with a focus on Bitcoin acceptance highlights his desire for political change and brings attention to cryptocurrency issues.
