Elon Musk has introduced his own political party called the "America" party, declaring that it will support Bitcoin. The announcement comes as he criticizes both the Democratic and Republican establishments, following a public clash with Donald Trump over the largest government spending bill in U.S. history.
Musk Challenges the 'One-Party System'
On Saturday, Musk announced the creation of the party via a post on X, claiming that the United States effectively lives under a one-party system when it comes to federal spending. He accused both major parties of waste and corruption, arguing that the country is "going bankrupt."
According to Musk, the "America" aims to restore individual freedom. While the party is not yet registered with the Federal Election Commission, and no concrete strategy has been outlined, Musk proposed initially focusing on supporting 2 to 3 senators and 8 to 10 representatives in order to gain decisive influence over legislative votes.
Bitcoin as Part of the Strategy
The next day, a user on X asked Musk whether the new party would support Bitcoin.
"Fiat is hopeless, so yes," Musk replied.
Following the statement, the price of BTC rose by 0,78% to reach $109.6 thousand.
Previously, Musk had humorously led a fictitious “Department of Government Efficiency” (D.O.G.E.), playing on the name of the popular meme coin. Now he is leveraging his image as a critic of government inefficiency to rally supporters around political reform.
Clash With Trump and the Former President’s Reaction
Musk’s initiative followed a wave of criticism directed at Donald Trump. The former president recently signed a $3.4 trillion spending bill, which Musk condemned as a “disgrace” for exacerbating the budget deficit.
Trump responded on Truth Social, claiming that Musk had completely lost it and was becoming a “train wreck.” He dismissed the idea of third parties in the U.S. as historically unsuccessful and labeled Musk’s initiative as harmful. Trump also emphasized that the newly passed bill removed the electric vehicle mandate, which he argued had financially benefited Musk.
Among those who have expressed interest in the initiative are billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci. However, details of their involvement have not yet been disclosed.
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