Elon Musk has announced the formation of a new political group, the “America Party,” promising to support Bitcoin and challenge the dominance of the Republican and Democratic parties.
The move, revealed on social media platform X, comes amid growing public frustration with traditional politics and government spending.
Responding to a user on X, Musk confirmed that his party would back Bitcoin, stating, “Fiat is hopeless, so yes.” This open endorsement of cryptocurrency signals a direct challenge to the U.S. dollar and current monetary policies. Musk’s stance aligns with his broader criticism of government inefficiency and fiscal mismanagement.
The launch of the America Party follows Musk’s public disagreement with former ally Donald Trump regarding the recently signed $3.4 trillion “Big, Beautiful Bill.” Musk condemned the legislation, calling it a “disgusting abomination” and warning it would worsen the national deficit. He previously led the Department of Government Efficiency (DOGE), advocating for reduced federal spending.
Musk outlined a tactical approach for the new party, suggesting a focus on winning just a handful of Senate and House seats.
“Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,”
Musk explained. This strategy aims to maximize influence without needing to win a majority.
The America Party has already launched an official website and attracted interest from high-profile figures, including billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci. However, the party has not yet been formally registered with the Federal Election Commission, and Musk has yet to release a detailed policy roadmap.
Following Musk’s announcement, Bitcoin saw a modest rise, trading up 0.78% in the past 24 hours at $109,028, according to CoinMarketCap. The crypto community is watching closely as Musk’s political ambitions could have significant implications for digital assets in the U.S.
Notably, Elon Musk’s X recently launched ‘Bitcoin-Style’ Encrypted Messaging Feature, XChat, a messaging tool rivaling Signal and Telegram, offering audio/video calls, file sharing, and disappearing messages.
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