Tesla CEO and tech mogul Elon Musk has officially confirmed that his newly formed political party, the America Party, will accept BTC ▲0.84%.
Responding to an X user who asked whether his party would embrace BTC, Musk replied bluntly:
“Fiat is hopeless, so yes.” — Elon Musk
Pitched as a jailbreak from the Democratic-Republican duopoly, the America Party announcement came alongside a sudden surge in Dogecoin. Whether coincidence or calculated, the signal was clear that Musk still has enormous market sway in crypto.
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Tesla’s Bitcoin History and Musk’s Crypto Legacy
Elon Musk made waves in early 2021 by parking $1.5 billion of Tesla’s treasury into Bitcoin. Fast forward, Tesla’s 11,509 BTC stash is now worth roughly $1.26 billion, which is enough to place it ninth among public companies holding crypto.
While the company briefly accepted BTC for vehicle payments, it later paused the program citing environmental concerns. However, the infrastructure for future integration may still be in play.
JUST IN: Elon Musk said his new political party will embrace #Bitcoin 🙌
“Fiat is hopeless” pic.twitter.com/LGpFEugTvs
— Bitcoin Magazine (@BitcoinMagazine) July 7, 2025
Musk’s decision to launch a new political party comes amid growing tensions with former President Donald Trump. The friction escalated after Trump unveiled his “One Big Beautiful Bill,” a proposed economic plan projected to add $3.3 trillion to the U.S. national debt.
“Utterly insane and destructive.” — Elon Musk
Political Rift with Trump Over Crypto and Debt
Musk began his split from Trump when he questioned the logic of launching initiatives aimed at reducing the debt while simultaneously inflating it with such policies.
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” Musk posted online shortly after criticizing Trump’s landmark ‘Big Beautiful Bill.’
These comments reflect a broader dissatisfaction with both political parties and laid the groundwork for Musk’s America Party, which he describes as one that “actually cares about the people.”
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Dogecoin Price Surges on Political Speculation
The crypto market responded quickly to Musk’s political move. Dogecoin rallied more than 5% following the announcement, rising from $0.163 to $0.171.
Trading volume exceeded $1.1 billion, with whale wallets aggressively accumulating DOGE even as smaller holders sold off positions.
Bitcoin’s sitting comfortably above $108,000, but the bigger setup may be geopolitical. Musk’s renewed crypto activity, combined with dovish Fed rumors, all hint at a convergence of forces that could light a fire under BTC in the coming months.
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Key Takeaways
Tesla CEO and tech mogul Elon Musk has officially confirmed that his newly formed political party.
All eyes are on Powell this month. As inflation lingers and labor metrics soften.
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