Elon Musk calls the U.S. dollar ‘hopeless,’ says his America party will embrace bitcoin

Elon Musk's America Party supports Bitcoin, viewing fiat currency as "hopeless," hinting at crypto's role in disrupting U.S. politics and economy.

: Elon Musk has announced the formation of a new political group known as the 'America Party,' which he describes as a haven for centrists and disillusioned voters. This party will embrace Bitcoin, aligning itself with the decentralized and anti-establishment ethos of cryptocurrency. Musk's declaration that the U.S. dollar is 'hopeless' underscores his critique of fiat currency, resonating with many digital currency advocates. Tesla, Musk's company, strengthens this narrative with its $1.25 billion Bitcoin holding, despite the previous environmental concerns linked to using Bitcoin for transactions.

Elon Musk has declared the U.S. dollar "hopeless" and announced that his new political venture, the America Party, will support Bitcoin. In a response on X, Musk affirmed that the party would embrace cryptocurrency, aligning with his long-standing critique of fiat currencies and centralized financial systems. This marks a significant political move, especially as Musk positions himself and his followers in opposition to the traditional financial status quo.

Tesla, under Musk’s leadership, previously invested around $1.26 billion in Bitcoin, making it one of the largest corporate holders of the cryptocurrency. While the company briefly accepted Bitcoin as payment, it later suspended that option due to environmental concerns. However, Tesla still holds a large portion of its original investment, reinforcing Musk’s belief in crypto as a long-term store of value and inflation hedge.

The America Party’s adoption of Bitcoin could leverage existing Federal Election Commission guidelines, which allow political campaigns to accept crypto donations as in-kind contributions. This would make Musk’s campaign financing structure not only innovative but also decentralized and transparent. It’s a strategic alignment that could attract tech-savvy and crypto-enthusiastic supporters.

Musk’s move also reignites his rivalry with Donald Trump, who recently signed what he called a “Big Beautiful Bill.” Musk criticized the bill as fiscally reckless, prompting Trump to mock Musk’s new party as “ridiculous” and accuse it of sowing disruption. The tension underscores deeper ideological divides between Musk’s tech-fueled populism and Trump’s traditional Republican base.

Rather than a direct presidential run, Musk appears to be focusing the America Party on congressional races. By contesting House and Senate seats, he aims to gradually build influence and legitimacy. This calculated entry into politics could reshape the American political landscape, especially if crypto becomes a mainstream campaign asset.

Sources: Gizmodo, Yahoo Finance, Cointelegraph

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