Bitcoin logo on a smartphone against Tesla logo in the background. Source: asiraj - stock.adobe.com

Key Takeaways:

Elon Musk launched the America Party, confirming it will support Bitcoin due to distrust in fiat currency.
Tesla still holds 11,509 BTC, worth about $1.26 billion, keeping it among the top corporate Bitcoin holders.
Musk’s Bitcoin endorsement may intensify his political rivalry with Donald Trump amid criticism of current U.S. economic policies.

Elon Musk has launched a new political movement called the America Party, confirming it will support Bitcoin as part of its platform.

Responding to a user on X, Musk said, “Fiat is hopeless, so yes,” when asked if the party would embrace Bitcoin.

Fiat is hopeless, so yes
— Elon Musk (@elonmusk) July 7, 2025

Musk has long been tied to crypto, with Tesla holding 11,509 BTC worth approximately $1.26 billion.

He’s also known for influencing Dogecoin’s price through public remarks.

Samson Mow, CEO of Jan3, said Musk’s Bitcoin stance could help him politically and encouraged Tesla and SpaceX to accept Bitcoin payments and offer BTC discounts.

Musk has previously criticized Bitcoin’s slow transaction speed but suggested a localized Lightning Network as a potential solution, even for Mars-based transactions.

The America Party was formed after Musk opposed Trump’s proposed “One Big Beautiful Bill”, which he claims would add $3.3 trillion to the national debt.

Musk said the bill hurts jobs and economic stability, accusing both major parties of corruption and waste.

Following a poll with over 1.24 million participants, nearly two-thirds backed the new party. Trump warned it could split the Republican vote in the 2026 midterm elections.