Elon Musk Supports Bitcoin in America Party Launch, Market Reacts

Elon Musk, the world’s richest person, declared that Bitcoin would be part of the official platform of his newly launched “America Party,” which sent Bitcoin’s price rising toward $110,000 earlier today. When asked if his new political party would support Bitcoin, Musk stated: “Fiat is hopeless so yes.” This single sentence triggered excitement across the crypto market.

Musk’s statement is being hailed as a significant moment for Bitcoin’s role in U.S. politics. Dennis Porter, CEO of the Satoshi Action Fund, called it a “massive” move, as Musk has officially made Bitcoin part of the America Party's platform. This could shift the political conversation further, especially with Musk's influence in the space, potentially outpacing even Trump’s pro-crypto efforts.

As expected, Dogecoin (DOGE), the meme coin often supported by Musk, jumped nearly 6% after the announcement. Bitcoin also saw a steady rise toward $110K. It's notable that Tesla still holds over 11,500 BTC, valued at more than $1.2 billion, making it one of the top corporate Bitcoin holders.

Musk’s Bitcoin announcement also highlights his ongoing feud with Donald Trump. Musk recently criticized Trump’s tax and budget policy, known as the “One Big Beautiful Bill,” which would add $3.3 trillion to the U.S. debt. Musk called the bill “utterly insane and destructive,” arguing it would harm jobs and the future of the country. The bill also aimed to kill the EV Mandate, essential for companies like Tesla. Trump responded by threatening to send Musk back to South Africa.

Following a poll with over 1.2 million votes, Musk officially announced the launch of the America Party, claiming the U.S. needs a political movement that “actually cares about the people.” Trump, however, mocked Musk’s decision, calling it “ridiculous.”

While Trump is set for a second term in December 2024, Musk is not immediately aiming for the Oval Office. However, if the America Party gains momentum by 2026 or 2028, Musk could turn Bitcoin into a key political issue in the U.S. This would present both opportunities and challenges for the crypto industry. On one hand, it could boost adoption and awareness; on the other, it may lead to stricter regulations as crypto becomes a more significant part of national politics.