Elon Musk, CEO of Tesla, has announced his intention to form a new political party called the America Party, which will support Bitcoin as one of its currencies.
Formation of the America Party
Musk noted that the new party arose amid his disagreements with U.S. President Donald Trump regarding economic policy. He confirmed that the America Party would embrace Bitcoin. In response to a user question on X about whether the party would accept Bitcoin, Musk replied, 'Fiat is hopeless, so yes.'
Criticism of Trump’s Bill
Musk expressed sharp criticism of the bill known as the ‘Big Beautiful Bill’, which he claims would harm millions of jobs in the U.S. and lead to strategic losses for the nation. This bill could add $3.3 trillion to the U.S. national debt over the next decade.
Musk’s Relationship with Cryptocurrencies
Musk has been an active supporter of cryptocurrencies, with both SpaceX and Tesla holding Bitcoin on their balance sheets. Tesla purchased $1.5 billion worth of Bitcoin in early 2021 and currently holds 11,509 BTC, making it the eighth-largest public company to hold Bitcoin in its treasury. Musk is also known for his support of Dogecoin.
Elon Musk continues to influence the cryptocurrency market and the political arena. His initiative to form the America Party and support Bitcoin underscores his views on financial systems and the future of digital currencies.
