Elon Musk Confirms New Party to Support Bitcoin on X
Elon Musk’s fallout with President Trump has taken a new twist after the Tesla CEO announced the formation of a new political party that will accept Bitcoin. According to Musk, this third force party will aim to unseat lawmakers who supported the “Big Beautiful Bill”, which he believes would send the American economy crashing.
In Brief
- Musk confirms his new political party will accept Bitcoin, calling fiat “hopeless” in response to a follower on X.
- The new party aims to challenge”Big Beautiful Bill” supporters and promote fiscal responsibility and decentralization.
- Tesla and SpaceX hold significant Bitcoin reserves, highlighting Musk’s long-standing ties to the crypto space.
- Trump blasts Musk’s party as a “train wreck,” warning it could split the GOP vote in upcoming elections.
Musk Responds to X User, Confirms Bitcoin for New Party
Taking to X on Sunday, Musk admitted that his newly formed America party will accept Bitcoin . His statement came after a follower asked about the new party’s stance on cryptocurrency use, to which the SpaceX chief replied, “Fiat is hopeless, so yes.”
Musk has been an ever-present figure in the crypto space, with Tesla being an early entrant into the corporate Bitcoin treasury trend as early as 2021. At present, the EV company holds about 11,509 BTC, worth approximately $1.26 billion at current market prices. As per Bitbo data, this stash places Tesla as the ninth-largest corporate BTC holder globally.
Elon’s SpaceX also holds a sizeable Bitcoin stash in its corporate coffers. The Tesla Chief has also been a vocal presence within the Dogecoin community, with his comments largely influencing the meme coin’s market trend.
Weighing in on the ongoing feud, Jan3 founder Samson Mow insisted that Musk’s move to accept the OG coin could put him ahead of Trump. Mow also suggested that Tesla should accept Bitcoin payments and even urged SpaceX to give discounts for payments made through the apex asset.
However, Musk has not always taken a supportive stance towards cryptocurrencies. In 2021, he raised an alarm over the price of Bitcoin, claiming that it was too high.
Trump vs Musk Feud Heats Up Over Debt Bill
The Trump-Musk clash intensified after Elon Musk called out Trump over the “Big Beautiful Bill,” which is estimated to increase the US national debt profile by $3.3 trillion over the next ten years. The SpaceX CEO called the new bill “utterly insane and destructive,” claiming that it would wipe out millions of jobs and cause severe economic harm to the nation.
Musk also challenged Trump’s logic for launching a DOGE to battle the rising national debt, only to go against it by adding trillions of dollars to the debt pile. Following Trump’s inauguration in January, the billionaire businessman led the Department of Government Efficiency , which aimed to curtail government expenditure.
Meanwhile, Tesla’s CEO later emphasized that the US needs a new political party with the citizens’ best interests at heart.
New Pro-Bitcoin Party Targets Congress as Musk’s Political Moves Stir Backlash
The newly formed party aims to primarily set sights on House and Senate seats, with plans for the presidential race currently considered premature. The party plans to gradually build political relevance by targeting congressional seats.
The party’s goals include:
- Breaking away from the traditional two-party system in the U.S.
- Promoting fiscal responsibility and decentralized governance.
- Embracing modern solutions, including support for digital currencies like Bitcoin.
- Supporting pro-tech, pro-free speech, and anti-regulation policies
- Taking centrist positions on other key issues.
As expected, Elon Musk’s comments sparked a wave of reaction across the financial and political space, with some being particularly negative. Moments after Musk’s social media statements, American investment firm Azoria Partners delayed the launch of a Tesla exchange-traded fund.
The firm’s CEO, James Fishback, called for clarity regarding Musk’s political intentions, saying that the new political movement has eroded investors’ confidence. Fishback added that he expected the Tesla boss to fully focus on the company after stepping down as head of DOGE.
Trump Blasts Musk’s New Party as “Train Wreck,” Warns of GOP Vote Split
In a Truth Social post, Trump replied to Musk’s party announcement, calling the Tesla CEO a train wreck. He went on to say that Musk has gone off track with his recent political adventure.
Trump also noted that the new party could affect Republican votes on the ballot during the upcoming elections. This concern highlights the possible influence of a third force in a two-party political system.
For now, the new movement is yet to own an official website or formal recognition, with details about the party mainly coming from Musk’s social media comments.
Despite the recent comments by Musk on Bitcoin, the OG coin has traded relatively flat over the past 24 hours. At the time of writing, the asset is exchanging hands at $108,878, consolidating around the region since the notable large-scale BTC movement by a long-dormant wallet .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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