Elon Musk Throws Weight Behind Bitcoin for America Party—Slams US Dollar as ’Fiat Failure’
Elon Musk just turbocharged crypto's political clout. The Tesla CEO publicly endorsed the Bitcoin for America Party today, calling it 'the only sane monetary alternative' while roasting the Federal Reserve's dollar policy.
Musk's move signals a tectonic shift in crypto's mainstream acceptance—and a direct challenge to traditional finance. His tweetstorm accused the US dollar of 'slow-motion collapse' through inflation, contrasting it with Bitcoin's fixed supply.
Wall Street analysts are scrambling to adjust their models. Meanwhile, Bitcoin maximalists are crowing—while gold bugs quietly weep into their spreadsheets. The timing couldn't be more brutal for dollar bulls: just as the Fed announces another round of quantitative easing dressed up as 'policy normalization.'
TLDR
- Elon Musk has announced that his newly formed America Party will accept Bitcoin as a form of support.
- He stated that the US dollar is hopeless and signaled a shift toward cryptocurrency-backed politics.
- Tesla currently holds over 11,000 Bitcoins and remains a top corporate asset holder.
- Samson Mow encouraged Musk to resume Bitcoin payments at Tesla and offer discounts through SpaceX.
- Elon Musk criticized Donald Trump’s economic bill for increasing the national debt by trillions of dollars.
Elon Musk announced that his new political party, the America Party, will accept Bitcoin, calling the US dollar hopeless. The announcement followed a social media poll where over 1.24 million people voted, with the majority supporting the new party. Musk’s decision signals a direct challenge to traditional financial systems and existing political structures.
Elon Musk Renews Support for Bitcoin
Elon Musk confirmed that the America Party will support Bitcoin, aligning with his earlier endorsements of digital assets. Tesla, under Elon Musk’s leadership, previously purchased $1.5 billion in Bitcoin and holds 11,509 BTC. As of now, Tesla remains the ninth-largest publicly traded company with Bitcoin in its treasury.
Fiat is hopeless, so yes
— Elon Musk (@elonmusk) July 7, 2025
Though Elon Musk had paused Bitcoin payments at Tesla due to environmental concerns, this new move renews his crypto stance. Supporters believe this shift could reshape public trust in digital currency, especially with political backing. Musk’s strategy may also influence how other parties approach cryptocurrency in national debates.
The announcement gained traction after bitcoin advocate Samson Mow suggested Tesla resume Bitcoin payments. Mow also recommended that SpaceX offer Bitcoin-based discounts, tying Elon Musk’s companies more closely to the digital economy. These suggestions reinforce Musk’s long-standing influence over cryptocurrency markets and their direction.
Dogecoin’s Influence and Political Positioning
Elon Musk also holds influence over Dogecoin, a cryptocurrency that frequently responds to his public statements and social media posts. While he focused this time on Bitcoin, his past support for Dogecoin remains relevant within crypto circles. The markets have seen Dogecoin rise and fall following Elon Musk’s tweets, showing his continued impact.
Musk criticized Donald Trump’s recent “One Big Beautiful Bill,” arguing it WOULD severely increase national debt and damage the economy. The disagreement further widened the rift between Elon Musk and Trump, especially as Musk moves to build a competing political platform. Trump, in response, warned that Musk’s America Party could divide Republican support during the 2026 midterms.
Elon Musk questioned the credibility of Trump’s fiscal promises while highlighting contradictions in his debt-reduction plans. He also stated that the current system fails to protect the country from financial mismanagement. These comments underline his reasons for launching a third party focused on economic reform.
America Party Goals and Public Response
Elon Musk framed the America Party as a necessary alternative to what he views as a one-party system dominated by corruption. He emphasized restoring economic responsibility and giving citizens more control over national decisions. The party’s use of Bitcoin reflects Musk’s rejection of fiat currency and desire for innovation.
The public reaction has been mixed, but many supporters believe Elon Musk could disrupt the political status quo. His businesses already influence technology and finance, and now he’s extending that impact into politics. With Bitcoin integration, the America Party introduces a new angle to digital policy platforms.
Elon Musk continues to push boundaries, blending political ambition with financial innovation in a way that few public figures have attempted. His leadership in Tesla and SpaceX now expands to national politics, guided by strong views on the future of money. The America Party, backed by Bitcoin, marks another chapter in Musk’s growing legacy.
