Elon Musk’s new ‘America Party’ will embrace Bitcoin, claiming fiat to be ‘hopeless’

Elon Musk plans to establish a new party called ‘America Party’ to challenge the two-party system in the U.S. He claims the party will support Bitcoin, as he deems fiat to be ‘hopeless.’

On July 7, the tech billionaire and social media platform owner declared on his official X account that his new ‘America Party’ would be the solution to the “centrist” problem in the U.S’ two-party system. Replying to another X user, Elon Musk confirmed that the party would embrace Bitcoin (BTC).

“Will America Party embrace Bitcoin?” asked X user Renato Lima.

“Fiat is hopeless, so yes,” said Elon Musk in his post.

The post garnered major support from cryptocurrency and Bitcoin advocates including Bitcoin Advocate Max Keiser and Founder of IBC Group and co-founder of NFT Technologies Mario Nawfal. Many crypto figureheads claimed that they would “vote” for Elon Musk’s America Party if it championed Bitcoin.

“Crypto could be the strongest tool to fight inflation, and Washington’s addiction to money printing and runaway spending,” said Mario Nawfal in his post.

Director of Bitcoin Strategy at Scientific, Joe Burnett, also voiced out his support for Musk’s views on fiat being a hopeless currency. He stated that digital money could be instrumental in creating economic incentives for smaller more efficient government systems.

It’s less about politics and more about creating monetary tools that restructure the economic incentives,” Burnett weighed in, replying to Musk’s earlier post.

In response to Musk’s idea to form a third political party, his ally-turned-rival President Donald Trump said that Musk had gone “off the rails” in the past few weeks. He said a third party would only serve to create disruption and chaos to the existing system.

“He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them,” said Trump in a TruthSocial post.

What is Elon Musk’s America Party?

Earlier this month on July 4th, Musk announced his plans to form the America Party. He launched a poll on X asking whether he should create an independent party to challenge the current two-party system in the U.S. The poll received over 1.2 million votes, with 65.4% voting YES to the America party.

“Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!” said Musk in his post.

Although the party itself has yet to be fully realized, Musk has stated that the way to carry out an independent party would be to secure two to three Senate sears and around eight to 10 House districts.

“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,” continued Musk.

Earlier this year, Elon Musk and President Donald Trump had a falling out which resulted in a big political blowout between the two men who were once political allies. In June, Musk called Trump’s $3.4 trillion Big, Beautiful Bill a “disgusting abomination” and accused Republican lawmakers of fiscal dishonesty.

The Big Beautiful Bill is a massive spending and tax bill that includes signature policies of President Trump’s second-term. The bill passed with a House vote of 218 to 214. It includes several items including an extension of the 2017 tax cuts, cuts to health care and food programs, as well as other tax cuts and breaks.