Elon Musk has confirmed that his newly formed political group, the America Party, will accept Bitcoin. In response to an X user asking whether his party would embrace the cryptocurrency, Musk replied, “Fiat is hopeless, so yes.”

Tesla, under Musk’s leadership, was an early adopter of Bitcoin, purchasing $1.5 billion worth in early 2021. The company currently holds 11,509 BTC, valued at around $1.26 billion, making it the ninth-largest publicly traded firm with Bitcoin on its balance sheet, according to Bitbo.

Musk has long influenced the crypto market, notably impacting Dogecoin’s price with his public endorsements. Jan3 founder Samson Mow suggested that Musk could gain a political edge over Donald Trump by embracing Bitcoin more actively, proposing that Tesla resume accepting BTC payments and that SpaceX offer Bitcoin-based discounts.

Though Musk once dismissed Bitcoin’s use on Mars due to slow transaction speeds, he later acknowledged that a localized Lightning Network might solve the issue. He has also criticized Bitcoin in the past; in 2021, he claimed its price was “too high,” which contributed to a market dip.

Tensions between Musk and Trump have escalated, especially after Musk condemned Trump’s “One Big Beautiful Bill,” calling it “utterly insane and destructive.” Musk argued that the bill would add $3.3 trillion to the national debt while eliminating millions of jobs and causing strategic harm to the U.S.

He questioned Trump’s push for DOGE, a national debt-reduction initiative, while simultaneously proposing a bill that would drastically increase the debt. Musk later suggested the country needed a new political party that “actually cares about the people.”

After running a poll on X, where over 1.24 million users participated and nearly two-thirds supported the idea, Musk announced the creation of the America Party. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” he said.

Donald Trump has since criticized Musk for founding a third party, warning that it could split the Republican vote in the 2026 U.S. midterm elections.

Sources:

https://cointelegraph.com/news/elon-musk-confirms-new-america-party-will-embrace-bitcoin

https://www.straitstimes.com/business/companies-markets/bitcoin-tanks-after-elon-musk-hints-prices-are-excessive-janet-yellen

https://x.com/elonmusk/status/1942028633670848810

https://x.com/elonmusk/status/1941997557514703294

https://x.com/elonmusk/status/1941584569523732930

https://bitbo.io/treasuries/