Elon Musk Forms ‘America Party,’ Endorses Bitcoin Over “Hopeless” Fiat

• Elon Musk’s relationship with US President Donald Trump has gone from alliance to an all-out public feud. 
• Now, Elon Musk has formed a new centrist political party, the America Party, that will support cryptocurrency, especially Bitcoin.

Elon Musk, once a prominent ally of Donald Trump and a major backer of his 2024 campaign with contributions totaling between $250–300 million, has made a dramatic political pivot. He briefly served as the head of the satirically named Department of Government Efficiency (DOGE), a role he held until recently.

However, in a sharp turn that has reverberated through both Capitol Hill and Wall Street, Musk has severed ties with Trump and launched a new political movement: the America Party (AMEP).

The timing was symbolic, on July 4th, as the U.S. marked the 249th anniversary of its independence, Musk posted a poll on X asking his followers whether he should move forward with his long-teased idea of forming a party to challenge both Democrats and Republicans.

The response was overwhelmingly positive. Later, Musk declared:

When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy.  Today, the America Party is formed to give you back your freedom.

He was asked whether the new party would support Bitcoin (BTC), Musk doubled down on his critique of the current financial system, stating bluntly, “Fiat is hopeless, so yes.” With that, he positioned the America Party as a tech-forward, crypto-embracing challenge to the status quo.

This aligns with his long-standing criticism of inflation and centralized monetary policy. Musk views Bitcoin as a symbol of freedom, decentralization, and financial reform, core values he wants the American Party to represent.

Musk’s Breaking Point

Elon Musk has been vocal about his concerns over unchecked government spending and the ballooning U.S. national debt, which now stands at a staggering $36 trillion. His frustration reached a boiling point with the passage of what he mockingly dubbed the “Big Beautiful Bill”, a bipartisan tax and spending package signed into law by President Trump on July 4.

Officially priced between $3 and $5 trillion, the bill covers sweeping areas such as infrastructure, defense, social programs, green energy incentives, and tax hikes on the wealthy and corporations, alongside new regulatory reforms.  While lawmakers hailed it as a compromise victory, Musk saw it as a betrayal by both parties.

He unleashed a wave of criticism, calling it “utterly insane,” “a disgusting abomination,” and “proof that the two parties are really just one.” To Musk, the bill symbolized a rigged system, a “uni-party” masquerading as political opposition but united in pushing America toward fiscal ruin. He argued the system was beyond repair and no longer served the interests of ordinary citizens.

Despite their sharp political fallout, Musk and Trump find rare common ground when it comes to cryptocurrency. While Musk openly champions Bitcoin, Trump, too, has leaned into crypto. During his 2024 campaign, he pledged to protect self-custody rights, oppose a central bank digital currency (CBDC), and roll back the Biden-era crackdowns that targeted crypto platforms and tokens. And true to his words, he has made crypto-friendly changes.

According to our market data, Bitcoin’s market cap has surged 23%, now reaching $40 billion, with the coin trading at $108,945, up 0.86% in the past 24 hours.