“Fiat Is Hopeless”: Elon Musk Says ‘America Party’ Will Embrace Bitcoin

Elon Musk has proposed his new political vehicle ‘America Party’, amid a feud with President Trump, confirming that the alternative to the Democratic-Republican duopoly will support Bitcoin.

The Tesla CEO, in a thread on X, confirmed that the party will embrace Bitcoin, calling fiat as “hopeless.”

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

Musk first confirmed the formation of his new political party on Saturday, following a poll on X. He said that the America Party would address the consistent rise in debts, which has been present irrespective of whichever party is in power.

“The America Party is needed to fight the Republican/Democrat Uniparty,” he wrote to his 221.8 million followers.

Musk criticised Trump’s 940-page “Big, Beautiful Bill“, which proposes tax breaks and sweeping cuts, warning of job loss and strategic harm, sparking conflict with the Trump administration.

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” he wrote on another thread. “Today, the America Party is formed to give you back your freedom.”

Meanwhile, Trump posted on Truth Social that a third political party has never succeeded in the United States. He said that Elon Musk has gone completely “off the rails,” becoming a ‘TRAIN WRECK’ in the past weeks.

Elon Musk America Party and Bitcoin Relationship – What it Means for BTC

Musk noted that his party would support Bitcoin and focus on House and Senate races. Following his confirmation, Bitcoin jumped from $108,735.07 to $109,361.29 and is currently trading at $109.16K at press time.

Musk has expressed a long-standing opinion about various cryptocurrencies, notably Bitcoin and Dogecoin, since 2014.

One user called it a “huge signal” for Bitcoin, given Musk’s influence on the industry and current backing of BTC on a political level.

Further, the community has been speculating over Elon Musk staking Bitcoin silently. The buzz started on July 2, when the crypto-focused handle on X pointed out Musk’s silence on Bitcoin lately. Another user suggested that perhaps Musk was just “quietly stacking BTC.”