Elon Musk Denies Report on Scrapping Bitcoin-Focused America Party—Calling It ’False Story’

Elon Musk slams recent media claims about ditching his rumored Bitcoin-centric political movement as outright fiction.

The Backstory

Reports had swirled that Musk was assembling a pro-Bitcoin America Party to challenge traditional financial systems. Then came the denial—sharp, public, and unequivocal.

Musk’s Rebuttal

Taking to his favored platform, Musk dismissed the narrative as baseless. No elaborate explanations—just a clear, swift rejection. No party. No pivot. Just business as usual.

Market Whispers

Crypto circles buzzed anyway. Would a Musk-led party have turbocharged adoption? Or just added another layer of speculative chaos to an already volatile space? Typical finance—always betting on rumors before facts.

Bottom Line: When Musk talks, markets listen. But this time, he’s saying nothing’s changing—at least for now.

Crypto Backers Respond Quickly

Some of Musk’s loudest supporters in crypto reacted within hours. Tim Draper called Musk “a gift to humanity from the gods,” and Mark Cuban had voiced support earlier this year.

Dogecoin developer DogeDesigner also spoke up after Musk’s post. Based on reports, those endorsements underline how closely the crypto community watches Musk’s moves.

Nothing @WSJ says should ever be thought of as true

— Elon Musk (@elonmusk) August 20, 2025

Musk first unveiled the America Party in July. He framed it as a response to frustration with the US two-party system and said Bitcoin would be central to the group’s economic ideas.

That LINK between a political push and an explicit crypto stance was immediate, and it keeps drawing attention from investors and developers.

Musk’s path through national politics this year has been short but noisy. He briefly worked within US President Donald Trump’s orbit as the informal head of the Department of Government Efficiency, D.O.G.E.

My brutally honest take on Elon Musk’s new political party…

I believe Elon Musk is a gift to humanity from the gods. His visions are all encompassing and his methods are effective.

As for his political party, I hope he is successful in shrinking the size and the regulations…

— Tim Draper (@TimDraper) August 19, 2025

He left the role quickly, later criticizing a major legislative effort and at one point raising concerns tied to the Epstein matter, comments he later softened.

That split left him with fewer ties to party leaders and more freedom to shape his own plans.

Based on reports, private conversations with US Vice President J. D. Vance added fuel to the fire. Some observers say Elon Musk could back Vance if he runs in 2028, though nothing formal has emerged.

The speculation made the denial less of an end and more of a new turn in an ongoing story.

Supporters argue a Musk-led party could speed bitcoin adoption and push for smaller government and lower national debt.

Critics point to the hard work of ballot access, state rules, and organizing in early states. Both sides agree on one thing: Elon Musk’s platform and money give any plan a louder voice than most alternatives.

Meanwhile, there have been continued talks, shifting alliances, and close attention from crypto circles. Watch for formal organizing steps, named leaders, or campaign filings.

Until then, Musk’s single post did what it needed to do: it denied the report and kept the idea of the America Party alive as an active political item tied to Bitcoin and high-profile supporters.

Featured image from Alex Wong/Getty Images, chart from TradingView