Elon Musk Launches America Party Advocating Bitcoin

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has launched a new political movement in the United States called the “America Party.” This new venture is notable for its embrace of Bitcoin as part of its future. Musk declared “Fiat is hopeless,” indicating a shift towards a decentralized financial system with Bitcoin at its core. The America Party is specifically targeted at Senate and House seats to gain influence, aiming to challenge what Musk perceives as the US’s “one-party system” masked as a democracy.

The idea for the America Party was born after Musk ran a public poll on X, asking his followers whether he should start a new political movement. More than 1.24 million users voted, with nearly two-thirds supporting the idea. Musk followed through and declared that the America Party would challenge the current state of US politics, which he believes fails to serve the interests of ordinary Americans. The newly-formed America Party seeks to create a decentralized and transparent system that starts with finance.

Bitcoin sits at the heart of the America Party’s ideology. When asked whether the party would support it, Musk replied with a resounding “yes.” This isn’t Musk’s first foray into crypto. Under his leadership, Tesla became one of the first major corporations to hold Bitcoin in its treasury. In 2021, Tesla bought $1.5 billion worth of BTC, in a show of Musk’s early confidence in the asset. Today, the electric vehicle giant still holds 11,509 BTC, worth approximately $1.26 billion. This means that Tesla is currently the ninth-largest public company by Bitcoin holdings.

Musk’s announcement of the America Party also comes amid an ongoing feud with U.S. President Donald Trump. Both were once allies and have now become rivals on both economic and ideological fronts. The tension started after Trump introduced the controversial “One Big Beautiful Bill,” a $3.4 trillion spending package that Musk labeled “insane and destructive.” According to estimates, the spending bill would add more than $3 trillion to the U.S. national debt over the next decade. Musk was one of the biggest critics of Trump’s rationale and pointed out the irony of launching a government efficiency initiative (D.O.G.E.) while simultaneously increasing federal debt.

Despite its fresh appeal, the America Party still has a massive uphill climb ahead of it, especially with gaining traction in a system dominated by two parties. Historically, third-party movements in the U.S. have struggled to gain traction due to lack of support and limited electoral access. Trump wasted no time responding to Musk’s announcement, claiming the billionaire has “gone completely off the rails.” In a post on Truth Social, Trump warned that a third-party campaign could fracture the Republican vote in the 2026 midterm elections and even help Democrats retain power. Still, Musk seems undeterred. He has already outlined a political strategy targeting just two or three Senate seats and eight to ten House districts with razor-thin margins. If successful, the America Party could hold enough influence to swing major decisions and force cooperation from both sides of the aisle.

While some may view Musk’s embrace of Bitcoin as another publicity stunt, others see it as legitimate. Back in 2021, Musk famously tweeted that Bitcoin’s price was “too high,” which triggered a temporary dip. In 2024, he initially rejected using Bitcoin on Mars due to latency issues, before adding that a localized Lightning Network could make it feasible. Overall, while the launch of the America Party and its open support for Bitcoin has been a major discussion starter so far, only time will tell how it all turns out.