Elon Musk Launches New Political Party Accepting Bitcoin

Elon Musk, the CEO of Tesla and SpaceX, has announced the formation of a new political party that will accept Bitcoin as a form of payment. This move comes amidst a growing feud between Musk and Trump, with Musk criticizing Trump's "Big Beautiful Bill" which he believes will have detrimental effects on the American economy. Musk's new party aims to challenge lawmakers who support this bill and promote fiscal responsibility and decentralization.

Musk confirmed the new party's stance on Bitcoin in response to a follower on X, stating that "fiat is hopeless, so yes" when asked if the party would accept Bitcoin. This move highlights Musk's long-standing ties to the crypto space, with Tesla and SpaceX holding significant Bitcoin reserves. Tesla, for instance, holds about 11,509 BTC, making it one of the largest corporate BTC holders globally. Musk has also been a vocal presence within the Dogecoin community, with his comments largely influencing the meme coin’s market trend.

Musk's new party aims to break away from the traditional two-party system in the U.S. and promote modern solutions, including support for digital currencies like Bitcoin. The party's goals also include supporting pro-tech, pro-free speech, and anti-regulation policies, as well as taking centrist positions on other key issues. The party plans to gradually build political relevance by targeting congressional seats, with plans for the presidential race considered premature.

Trump, on the other hand, has blasted Musk's new party as a "train wreck," warning that it could split the GOP vote in upcoming elections. This concern highlights the possible influence of a third force in a two-party political system. Despite the recent comments by Musk on Bitcoin, the OG coin has traded relatively flat over the past 24 hours.

Musk's move to accept Bitcoin for his new party could put him ahead of Trump, according to Jan3 founder Samson Mow. Mow also suggested that Tesla should accept Bitcoin payments and even urged SpaceX to give discounts for payments made through the apex asset. However, Musk has not always taken a supportive stance towards cryptocurrencies. In 2021, he raised an alarm over the price of Bitcoin, claiming that it was too high.

Musk's new party is yet to own an official website or formal recognition, with details about the party mainly coming from Musk's social media comments. Despite the recent comments by Musk on Bitcoin, the OG coin has traded relatively flat over the past 24 hours. At the time of writing, the asset is exchanging hands at $108,878, consolidating around the region since the notable.