Elon Musk, the Tesla and SpaceX CEO, has announced that his new political party, the America Party, will embrace Bitcoin. In a post on X, Musk declared that “fiat is hopeless” when asked by user ‘Renato Lima’ on Monday.
Analysts and commentators have taken this as a sign of warming up to the asset once again. One user even remarked, “You were the first to break Elon’s long silence on Bitcoin.”
The America Party is the solution
— Elon Musk (@elonmusk) July 6, 2025
Enter The America Party
“The America Party is needed to fight the Republican/Democrat Uniparty,” Musk said on X on Sunday evening.
Elon Musk announced the creation of his new political party on July 5, following through on his promise to start a third one if Donald Trump’s “Big Beautiful Bill” passed.
Musk is a vocal critic of the policy bill, arguing that it will “cause immense strategic harm” to America on account of the trillions of dollars it is projected to add to the country’s already gargantuan national debt.
“When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy,” he said on Saturday.
By a factor of 2 to 1, you want a new political party and you shall have it!
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.
— Elon Musk (@elonmusk) July 5, 2025
The former close ally of Trump parted ways with the US president in early June in a very public ending of the ‘bromance’ that sent crypto markets into freefall.
Musk’s new strategy plans to “laser-focus on just two or three Senate seats and eight to ten House districts” to gain decisive influence over “contentious” legislation, leveraging “razor-thin legislative margins” to serve as the deciding vote.
Musk endorsed a platform that would reduce debt through responsible spending, modernize the military with AI and robotics, foster AI development, reduce regulation in the energy sector, and advocate free speech.
Musk’s new party was officially registered with the Federal Election Commission (FEC) on July 6 under the ‘America Party (AMEP).’
The America Party is needed to fight the Republican/Democrat Uniparty
— Elon Musk (@elonmusk) July 6, 2025
Bitcoin Price Reacts
Bitcoin prices reacted with a 1.5% gain, climbing from $108,000 to top $109,550 in an intraday high during early trading in Asia on Monday morning.
The asset had retreated slightly at the time of writing but was still hovering above $109,000, just 2.2% away from its all-time high.
This week’s trade tariff deadline on July 9 could also be pivotal for Bitcoin, which could reach a new peak if tariffs are postponed or major deals are made.
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2025-07-07 08:43