Bitcoin Surges 1% to $109,000 as Musk's America Party Backs Crypto

Bitcoin's price surged above $109,000 early Monday, bolstered by gains across major cryptocurrencies and a reduction in near-term market fears following the Trump administration’s decision to delay the upcoming tariff deadline. This upward trend was supported by Bitcoin, Ethereum, and Ripple, which showed renewed strength as the crypto market began the week on a positive note. The rebound followed a successful retest on Friday of Bitcoin’s prior breakout level at $108,355, with the price edging higher over the weekend. At the time of writing, Bitcoin is trading near $109,000. If the current momentum holds, the rally could extend toward the May 22 all-time high of $111,980. Continued strength is also observed in early stage project, Bitcoin Pepe. The project’s presale has raised over $16 million.

Elon Musk confirmed on Sunday that his newly launched political platform, the America Party, will support Bitcoin. “Fiat is hopeless, so yes,” Musk said in a post on X, responding to a user who asked whether the party would back the cryptocurrency. The announcement follows Musk’s official unveiling of the America Party on Saturday, after a poll on X gauged public interest in breaking away from the traditional two-party system. In his post, Musk said, “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.” The launch of the America Party comes amid Musk’s escalating public fallout with former ally President Donald Trump. The dispute centers on the recently signed $3.4 trillion “Big, Beautiful Bill,” a sweeping spending package Musk has condemned for ballooning the US deficit.

Improving regulatory clarity, expanding adoption, and growing political support in the US are expected to bring greater transparency to altcoins and meme coins, potentially reshaping investor sentiment across the digital asset ecosystem. As oversight strengthens, the market appears to be shifting from pure speculation toward utility-driven narratives—opening the door for technically ambitious projects that blend cultural relevance with real-world use cases. Among them is Bitcoin Pepe, positioned as the first meme-centric Layer 2 built on the Bitcoin network. The project seeks to combine Bitcoin’s base-layer security with Solana-like scalability, offering a more durable proposition than traditional meme tokens dependent solely on hype. Since its February launch, the Bitcoin Pepe presale has steadily attracted capital from high-risk, high-reward investors, raising over $16.2 million to date. The BPEP token is currently priced at $0.0437, with an increase expected once contributions exceed $17.07 million. BPEP is set to be listed on BitMart and MEXC, with a final listing announcement scheduled for July 31—milestones that continue to drive investor attention as the presale enters its final phase.

Elon Musk, the tech billionaire and owner of social media platform X, recently announced that his newly formed political party, the America Party, will support Bitcoin. This declaration came as Musk criticized fiat currency, deeming it "hopeless." The announcement was made on Musk's official X account, where he responded to a user's inquiry about the party's stance on Bitcoin. Musk's post garnered significant support from cryptocurrency advocates, including Bitcoin Advocate Max Keiser and Founder of IBC Group and co-founder of NFT Technologies Mario Nawfal. Many crypto figureheads expressed their intention to "vote" for the America Party if it championed Bitcoin, highlighting the potential of cryptocurrency as a tool to combat inflation and Washington's reliance on money printing and excessive spending.

The America Party, announced by Musk on July 4th, aims to challenge the existing two-party system in the U.S. A poll conducted on X received over 1.2 million votes, with 65.4% in favor of the America Party. Musk has stated that the party's strategy involves securing two to three Senate seats and around eight to ten House districts, which would be sufficient to influence contentious legislation. This move comes after a political fallout between Musk and President Donald Trump, who criticized Musk's idea of forming a third party, stating that it would only create disruption and chaos. Musk's support for Bitcoin aligns with his broader vision of creating monetary tools that restructure economic incentives. Director of Bitcoin Strategy at Scientific, Joe Burnett, echoed this sentiment, suggesting that digital money could foster more efficient government systems. The America Party's embrace of Bitcoin signals a shift in political discourse, with cryptocurrency gaining traction as a viable alternative to traditional fiat currency. This development underscores the growing influence of digital assets in the political and economic landscape, as more prominent figures and institutions recognize their potential to reshape financial systems.