Elon Musk has launched a new political entity, called the "America Party," with Bitcoin as its official currency of choice
The formation of the America Party comes from a public poll on X and Musk's desire to challenge the "broken" two-party system.
Tesla, under Musk's leadership, is one of the biggest corporate holders of Bitcoin, currently holding approximately 11,509 BTC.
Musk's entry into politics come amid a public feud with Donald Trump over the latter's "One Big Beautiful Bill".
The America Party is focused on reducing national debt, ending wasteful government spending and targeting major legislative seats to act as swing votes.
Tech billionaire and Tesla CEO Elon Musk has entered the political space with the launch of a new political party, called the “America Party.”
Interestingly, this new development comes with a massive crypto twist, where Musk mentioned that fiat is “hopeless”, and crypto is the future.
Elon Musk announced on Sunday that his newly created America Party, will officially support Bitcoin.
The confirmation came in response to a question on X (formerly Twitter), where a user asked if Bitcoin would be embraced by the party.
Musk replied plainly: “Fiat is hopeless, so yes.”
This move sets up the America Party not just as an alternative to the Democratic and Republican sides of US politics:
It could also be a game-changer in the financial and political spaces within the United States.
The idea for the America Party started as a poll on X, where Musk asked his followers if he should form a new political party.
Over 1.24 million users participated, with nearly two-thirds voting “yes” and that was all the encouragement Musk needed.
Shortly after, he posted:
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.”
The party was created to challenge what Musk sees as a broken two-party system.
One that, in his view, has contributed to unsustainable national debt and political dysfunction.
Elon Musk’s endorsement of Bitcoin is not entirely new. Tesla famously bought $1.5 billion worth of Bitcoin in 2021 under Musk’s leadership.
This made the company one of the first major entities to hold Bitcoin in its reserves.
Today, Tesla holds approximately 11,509 BTC, worth around $1.26 billion. This also means that Tesla is the 9th largest corporate Bitcoin holder in the world.
Public companies that hold Bitcoin | Source: Bitbo
Even though Tesla no longer accepts Bitcoin for its electric vehicle purchases (due to environmental concerns from 2021), Musk has still been influential in the crypto space.
His tweets even caused massive price swings for Dogecoin between 2020 and 2021.
While Musk now appears bullish on Bitcoin, his relationship with crypto has been anything but steady.
In 2021, he famously tweeted that the price of Bitcoin seemed “too high”;
A tweet that triggered a massive price correction. Later on, he reversed Tesla’s decision to accept BTC due to environmental concerns tied to Bitcoin mining.
More recently, Musk floated the idea that a localized version of the Lightning Network could be used for transactions on Mars.
Even though he initially rejected the idea of using Bitcoin on the Red Planet, he later reconsidered and concurred that fast off-chain payments might solve the transaction delays from planetary distances.
Musk’s entry into politics comes amid his feud with US President Donald Trump, who he once considered a close ally.
Their relationship began to sour over Trump’s $3.4 trillion “One Big Beautiful Bill”, which Musk labeled as “utterly insane and destructive.”
Musk argued that the legislation would increase the U.S. national debt by $3.3 trillion over the next decade.
He specifically questioned the contradiction between Trump’s talk of reducing national debt and the massive cost of the bill.
Trump took to his own social media platform, Truth Social and responded by claiming that Musk had “gone completely off the rails.”
He also warned that a third political party would only divide the Republican vote ahead of the 2026 midterm elections.
So far, while the America Party has yet to release a full platform or register with the Federal Election Commission (FEC), Musk has outlined that the party will advocate for Bitcoin and will focus on reducing national debt and ending wasteful government spending.
Musk also suggested laser-focusing on “2 or 3 Senate seats and 8 to 10 House districts” to act as swing votes on major legislation.
In his words, the party’s mission is to “give you back your freedom.”
Overall, while critics dismiss it as a vanity project or a political stunt, the America Party, which is backed by Bitcoin could be the start of an even bigger movement.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.