Elon Musk Launches America Party Backing Bitcoin Amid Trump Feud

Elon Musk, the CEO of Tesla, has announced the formation of a new political party called the 'America Party'. This announcement comes amidst a feud with President Trump. Musk confirmed that this new party will support Bitcoin, describing fiat currency as "hopeless."

Musk first announced the formation of his new political party on a social media platform, following a poll. He stated that the America Party aims to address the consistent rise in debts, which has been a persistent issue regardless of which party is in power. Musk criticized Trump's proposed "Big, Beautiful Bill," which includes tax breaks and sweeping cuts, warning of potential job loss and strategic harm. This criticism has sparked conflict with the Trump administration.

Musk's announcement has garnered significant attention, with some users calling it a "huge signal" for Bitcoin, given Musk's influence in the industry and his current backing of BTC on a political level. The community has also been speculating about Musk's potential involvement in staking Bitcoin silently. This speculation began when a crypto-focused handle on the social media platform pointed out Musk's recent silence on Bitcoin. Another user suggested that Musk might be "quietly stacking BTC."

Musk has a long-standing opinion about various cryptocurrencies, notably Bitcoin and Dogecoin, since 2014. His support for Bitcoin through the America Party is seen as a significant move in the cryptocurrency industry. The party's focus on House and Senate races, along with its support for Bitcoin, could have implications for the future of digital currencies in the political landscape.