Elon Musk Declares Fiat Currency ‘Hopeless’—New America Party to Fully Adopt Bitcoin

Elon Musk just dropped a financial grenade: fiat money is 'hopeless,' and his New America Party is going all-in on Bitcoin. The tech titan’s latest broadside against traditional finance sent shockwaves through markets—because nothing says 'trust the system' like a billionaire trashing it.

Why Bitcoin? Musk’s political pivot hinges on crypto’s promise to 'bypass the broken legacy system.' No more middlemen, no more inflation tricks—just decentralized code running the show. Wall Street won’t like this one.

The kicker? This isn’t some vague crypto-bro manifesto. Musk confirmed specific Bitcoin integration plans for party operations—payments, donations, maybe even salaries. Watch DC regulators suddenly discover 'urgent concerns' about decentralization.

One hedge fund manager already called it 'a stunt.' Meanwhile, Bitcoin’s price did its usual impression of a rollercoaster. Some things never change—least of all finance’s talent for ignoring the future until it runs them over.

Tesla CEO and multipreneur Elon Musk confirmed on Sunday that the ‘America Party’, a pro-tech centrist party he intends to form after his short-lived alliance with US President Donald Trump ended, would accept Bitcoin (BTC).

“Fiat is hopeless, so yes,” Musk replied to an X user who asked if the America Party WOULD embrace the premier crypto.

Fiat is hopeless, so yes

The so-called America Party was formed out of a public rift between Musk and President Donald TRUMP over the ‘Big Beautiful Bill’, which Musk has called a “disgusting abomination,” claiming it would erode millions of jobs in the US and cause “immense strategic harm” to the nation.

This particular bill is estimated to add a whopping $3.3 trillion to the US national debt over the next decade.

Musk questioned Trump’s rationale for forming the Department of Government Efficiency (D.O.G.E.), an extra-governmental agency that sought to reduce the US national debt, if he was going to increase the national debt by trillions of dollars.

Musk’s Relationship With Crypto

Musk’s relationship with cryptocurrencies is well-documented, with SpaceX and Tesla both holding BTC on their corporate treasuries.

Tesla purchased $1.5 billion worth of BTC in early 2021, making it one of the first publicly listed companies to hold bitcoin on its balance sheet. The EV maker currently holds 11,509 BTC, worth approximately $1.2 billion, making it the eighth-largest publicly traded company to hold Bitcoin in its treasury.

Bitcoin OG Adam Back recently suggested that Musk should buy 1 million in BTC to “front-run the US government and the Trump family” in their ongoing feud. While Musk already owns some Bitcoin, Back believes that the eccentric centibillionaire’s current allocation is too low for his enormous net worth. 

The X owner has also been a Dogecoin evangelist over the years. His obsession with shitposting helped boost the biggest and oldest meme coin to a top 10 cryptocurrency.

Interestingly, Musk even called himself the “Dogefather” ahead of a “Saturday Night Live” skit about the cryptocurrency back in 2021 — sending the coin’s price rocketing higher. DOGE would jump to its current record high price of $0.73 at this time.