Elon Musk confirms new ‘America Party’ will embrace Bitcoin

Tesla CEO and tech entrepreneur Elon Musk has confirmed that his newly formed political party — the America Party — will accept Bitcoin.

“Fiat is hopeless, so yes,” Musk replied to an X user who asked if his new party would embrace Bitcoin.

Source: Elon Musk

Musk’s crypto ties

Elon Musk is no stranger to Bitcoin as Tesla was an early adopter, holding BTC in its treasury.

Under his leadership as Tesla CEO, Tesla bought $1.5 billion worth of BTC in early 2021, making it one of the first publicly traded companies to hold Bitcoin in its treasury reserves.

Currently, Tesla holds 11,509 BTC, worth approximately $1.26 billion, with the EV maker being the ninth-largest publicly traded company to hold Bitcoin in its treasury, according to Bitbo.

The Tesla CEO has also supported Dogecoin over the years, which has caused the price of the memecoin to either rally or crash after his tweets.

Jan3 founder Samson Mow said embracing Bitcoin could give Musk an edge over Trump in their ongoing feud.

Mow stated that Tesla should once again start accepting Bitcoin as payment and that Musk’s SpaceX should give discounts to those who pay in Bitcoin.

In 2024, Musk rejected the idea of using the Bitcoin network as a form of payment on Mars. However, Musk later entertained the idea, saying that a localized Lightning Network could solve the issue of slow transactions.

Musk has not always been pro-Bitcoin. In 2021, he claimed that the price of Bitcoin was “too high,” which led to BTC dropping in price.

Musk’s feud with Trump

Musk’s relationship with Donald Trump has deteriorated over Trump’s “One Big Beautiful Bill,” with Musk previously calling it “utterly insane and destructive” and arguing that it will erode millions of jobs in the US and cause “immense strategic harm” to the country.

The One Big Beautiful Bill Act is estimated to add $3.3 trillion to the US national debt over the next decade.

Musk questioned Trump’s rationale for creating the DOGE, an initiative that aims at reducing the US national debt, if he was going to increase the national debt by trillions of dollars.

He later hinted that the US needs a new political party that “actually cares about the people.”

On Sunday, Musk announced that he would be creating the America Party after more than 1.24 million people voted on his poll over whether he should create the party, with nearly two-thirds of voters voting in favor of the new party. 

“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk added.

US President Donald Trump has since lashed out at Musk for creating a third political party. Trump said that Musk’s new party could fracture the Republican vote at the 2026 US midterm elections.