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Elon Musk’s American Party To Embrace Bitcoin, Says Fiat is Hopeless

Published by
Debashree Patra and Qadir AK

The announcement comes after a public fallout with President Donald Trump, driven by Musk’s opposition to what he calls the “debt slavery bill”, Trump’s heavily promoted stimulus package known as the Big Beautiful Bill

Musk believes the legislation fuels reckless fiscal policy and deepens economic instability.

Why Bitcoin Is Central to Musk’s Political Vision

In a recent post on X, Musk declared fiat money “hopeless,” signaling a bold pivot toward digital assets in political discourse. Bitcoin, in particular, is set to be a cornerstone of the American Party’s platform. 

Musk has long been a vocal advocate of cryptocurrency, with Tesla and SpaceX holding Bitcoin on their balance sheets. Now, he’s extending that vision into the political sphere, promoting Bitcoin as a tool to combat inflation and resist centralized monetary control.

Focus on Congress, Not the Presidency

While many speculated Musk may have presidential ambitions, he clarified that his immediate focus will be on Congressional races, not a run for the White House. 

The American Party aims to support innovation, protect free speech, and reduce excessive regulation—while maintaining a moderate stance on divisive issues. A filing under the name “Elon Reeve Musk” for the “America Party” recently circulated on X, purportedly from the Federal Election Commission (FEC). 

However, no such record exists on the official FEC website, and Musk has since denied any involvement with that filing, calling it false.

The Musk-Trump Rift Goes Public

Tensions between Musk and Trump have escalated rapidly. Following Musk’s announcement, Trump lashed out on Truth Social, labeling Musk a “TRAIN WRECK” and accusing him of going “off the rails.” The clash highlights a deeper divide between the two figures, who were once politically aligned.

 Musk’s popularity among younger, tech-savvy, and pro-crypto voters is growing—putting him at odds with Trump’s base.

In response, Musk accused Trump of abandoning the political center. He launched a poll asking followers whether he should start a new party for the “80 percent in the middle.” After receiving overwhelming support, Musk moved forward with the unofficial launch of the American Party.

Backchannel Offers and Political Ambitions

Before launching his own party, Musk reportedly received outreach from political figures like Andrew Yang and Libertarian Party Chair Steven Nekhaila, urging him to support their movements. However, Musk remained focused on fighting Trump’s bill and challenging the Republicans who supported it.

 He later unveiled a loose political strategy, criticizing both Democrats and Republicans as a “uniparty” lacking meaningful differences. Though some have speculated about Musk’s presidential ambitions, the U.S. Constitution bars him from running—as he was born in South Africa. This limitation restricts the leadership options of the American Party but hasn’t dampened its momentum.

FAQs

Why did Elon Musk have a public fallout with President Donald Trump?

Elon Musk’s public fallout with President Trump was primarily driven by Musk’s strong opposition to Trump’s “Big Beautiful Bill,” a stimulus package. Musk believes this legislation fuels reckless fiscal policy and exacerbates economic instability, leading him to accuse Trump of abandoning the political center.

What is the role of Bitcoin in Elon Musk’s political vision?

Bitcoin is a cornerstone of Elon Musk’s political vision. He views fiat money as “hopeless” and advocates for Bitcoin as a tool to combat inflation and resist centralized monetary control. His “American Party” aims to incorporate digital assets into its platform.

How has Trump’s “Big Beautiful Bill” impacted the U.S. economy?

Trump’s “Big Beautiful Bill,” signed on July 4, 2025, is a comprehensive package that includes substantial tax cuts, funding for national security and border initiatives, and significant cutbacks to Medicaid and food stamps, aiming to reshape the U.S. tax system and address fiscal concerns.

Debashree Patra and Qadir AK

Fun-loving and cheerful, a passionate blockchain and crypto writer who knows no boundary…connect if you share the same passion. With 10+ years of writing experience, I am a Crypto Journalist by chance, exploring, and learning all the dynamics of the sci-fi action-filled crypto world. Currently, focusing on cryptocurrency news and price data. With a passion for research and challenging my capabilities, I am slowly getting into the crypto arena to bring new insights every day.

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