Billionaire entrepreneur Elon Musk has announced the formation of a new political entity, the ‘America Party,’ with the explicit aim of challenging the entrenched two-party system in the United States. A cornerstone of this nascent party’s platform is its unequivocal support for Bitcoin, a stance articulated by Musk himself, who declared traditional fiat currency to be “hopeless.” This bold assertion was made on July 7, 2025, via his official X account, where he affirmed that the ‘America Party’ would embrace Bitcoin as a solution to what he perceives as the “centrist” problem within the existing U.S. political structure.

Musk’s endorsement of Bitcoin and his critique of fiat ignited significant enthusiasm within the cryptocurrency community. Prominent figures such as Bitcoin Advocate Max Keiser and Mario Nawfal, founder of IBC Group and co-founder of NFT Technologies, expressed strong support, with many stating they would back the ‘America Party’ if it championed Bitcoin. Mario Nawfal highlighted crypto’s potential as “the strongest tool to fight inflation, and Washington’s addiction to money printing and runaway spending.” Joe Burnett, Director of Bitcoin Strategy at Scientific, echoed Musk’s sentiment on fiat, suggesting that digital money could foster economic incentives for smaller, more efficient government systems. This aligns with a broader belief among Bitcoin proponents that the cryptocurrency inherently represents a form of fiscal reform, offering a viable alternative to monetary expansion and currency debasement, particularly given the escalating U.S. national debt and political gridlock over deficit spending.

Musk’s affinity for cryptocurrencies is well-documented, with both Tesla and SpaceX holding substantial amounts of Bitcoin in their corporate treasuries. Tesla reportedly holds 11,509 BTC, ranking as the 8th largest publicly listed BTC holder, while SpaceX possesses 8,285 BTC. Together, these holdings total nearly 19,800 BTC, valued at approximately $2.1 billion at the time of reporting. This established corporate backing lends weight to the ‘America Party’s’ pro-Bitcoin stance.

The genesis of the ‘America Party’ follows a period of public discord between Elon Musk and former President Donald Trump. Their falling out intensified in June when Musk criticized Trump’s $3.4 trillion “Big, Beautiful Bill” as a “disgusting abomination,” accusing Republican lawmakers of fiscal dishonesty. Despite initial tensions easing, the feud reignited, culminating in Musk’s call for a new political party. Earlier, on July 4th, Musk had initiated a poll on X, asking if he should create an independent party to challenge the two-party system. The poll garnered over 1.2 million votes, with 65.4% in favor, demonstrating significant public interest in the concept.

However, not everyone views Musk’s initiative positively. President Donald Trump has been a vocal critic, asserting that Musk has gone “off the rails” and calling the move “ridiculous.” Trump contended that third parties have historically failed in the U.S. political system and would only lead to “Complete and Total DISRUPTION & CHAOS.” A White House spokesperson also dismissed the potential impact, emphasizing the Republican party’s strength under Trump’s leadership. Despite such skepticism, figures like Anthony Scaramucci, founder of SkyBridge Capital, and American billionaire Mark Cuban have shown support for Musk’s endeavor.

The American political system is largely dominated by the Democratic and Republican parties, with smaller third parties having limited influence. Acknowledging this challenge, Musk has outlined a strategic approach for the ‘America Party’ that deviates from a traditional presidential bid. Instead, he proposes focusing on securing a modest number of Senate seats (two to three) and House districts (around eight to ten). He believes that even a small number of legislative victories could provide enough political leverage to serve as the deciding vote on contentious laws, thereby ensuring legislation aligns with “the true will of the people.” As of the provided information, the ‘America Party’ has not yet registered with the U.S. Federal Election Commission (FEC). While observers note that Musk’s pronouncements can sometimes blur the line between serious policy and provocation, some, like Philipp Zentner of LI.FI, believe he has a “real intention of taking it seriously” and possesses the means to disrupt U.S. politics significantly, potentially ushering in a new era for third parties.