Elon Musk, CEO of Tesla, has announced the formation of a new political party in the U.S., drawing attention to economic issues and cryptocurrencies.
Announcement of 'America Party'
Elon Musk introduced his new political formation called 'America Party'. He described the U.S. national debt burden exceeding $37 trillion as "a disaster that will lead the country to bankruptcy."
Criticism of Trump's Economic Policy
Musk has been sharply critical of Trump's new economic bill known as the 'One Big Beautiful Bill', which will increase the debt ceiling by $5 trillion. Musk emphasized that Trump and the Republicans have failed to keep their promises of cutting spending.
Impact on the Cryptocurrency Market
Musk's new party formation and increasing government spending have led many investors to turn their attention back to digital assets like Bitcoin. Commentators like Lark Davis noted the potential for significant Bitcoin growth following the passage of major spending bills.
Elon Musk's actions and the current financial situation in the U.S. highlight that political changes can have significant implications for the economy and the cryptocurrency market.
