As Elon Musk launches his US political party, he stirs controversy by claiming that Bitcoin will soon replace the "hopeless dollar." With 65% voter support, the American Party plans to adopt the leading cryptocurrency to combat soaring inflation.
Elon Musk, Tesla CEO and ardent Bitcoin advocate, has recently announced the creation of his own political party, the America Party. Less than a day after its launch, Musk confirmed that this new political formation would accept Bitcoin, describing the US dollar as “hopeless.”
This decision comes after President Trump signed the “Big Beautiful Bill,” legislation increasing government spending and the debt ceiling by $5 trillion. Musk believes this irresponsible spending will result in higher inflation for American citizens and increased interest payments on debt.
“Fiat is hopeless, which is why the America Party will accept Bitcoin,” Musk stated on platform X.
Musk, who is one of the largest institutional Bitcoin holders with 11,509 BTC held by Tesla, launched his party after a poll where 65.4% of 1.2 million respondents voted in favor of creating a new political party. The serial entrepreneur openly criticizes US government spending, asserting that a new party is necessary to combat waste and corruption.
In response, President Trump described Musk as “completely out of control” and emphasized that third parties have never succeeded in the United States. The US Treasury Secretary also advised Musk to focus on his businesses rather than politics.
These developments have nevertheless had a positive impact on the Bitcoin market. The BTC price regained $109,500 this morning, and the open interest in Bitcoin futures increased by 4% to reach $75 billion.
The emergence of Elon Musk’s America Party and its open support for Bitcoin illustrates the growing intertwining of blockchain technology, cryptocurrencies, and the traditional political sphere. As Musk charts his course through the political arena, Bitcoin supporters are watching with interest the long-term implications of this union between technological innovation and governance.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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