Elon Musk Launches America Party Backing Bitcoin, Criticizes Trump Bill

Elon Musk has launched the America Party, a new political entity that openly supports Bitcoin and rejects traditional fiat currency systems. Musk, the CEO of Tesla and SpaceX, announced the formation of the party on X, formerly Twitter, to his vast following. He described fiat currency as "hopeless" and emphasized that the America Party would champion financial freedom through digital assets like Bitcoin.

Musk's announcement came amidst growing criticism of the existing two-party system, which he labeled a "Uniparty." He accused both Democrats and Republicans of mismanaging national debt and failing to provide sustainable economic solutions. Musk's new party aims to challenge both major political parties in key congressional races, focusing on Senate and House contests.

In addition to his support for Bitcoin, Musk sharply criticized Donald Trump’s proposed economic bill, dubbed the “Big, Beautiful Bill.” Musk described the 940-page proposal as harmful to jobs and the economy, warning that it includes unsustainable tax breaks and dangerous federal cuts. This criticism intensified an ongoing feud between Musk and Trump, with Trump responding via Truth Social by labeling Musk a "TRAIN WRECK."

Musk's endorsement of Bitcoin led to a brief surge in its price, rising from $108,735.07 to $109,361.29 before stabilizing. Market analysts noted the correlation between Musk's announcement and the movement in Bitcoin's price, with crypto investors reacting positively to the political backing. Musk has publicly discussed Bitcoin since 2014, but this marks the first time he has linked it to a political agenda.

Social media discussion surged following Musk's announcement, with some users speculating that he might be quietly accumulating Bitcoin in the background. However, Musk has not confirmed or denied holding personal or corporate Bitcoin reserves. The America Party's focus on financial freedom and digital assets could mark a new chapter in the intersection of politics and cryptocurrency, potentially influencing future economic policies and public perception of digital currencies.