Finst

Elon Musk says his new party will back Bitcoin: 'Fiat is hopeless'

Elon Musk officially announced this weekend he's launching his own political party: the 'America Party'.

By Mike Hesp
• 2 min read
Elon Musk says his new party will back Bitcoin: 'Fiat is hopeless'

Elon Musk officially announced this weekend that he is founding his own political party: the "America Party". On his platform X, the tech billionaire said this new party is explicitly pro-Bitcoin. When asked by a user whether his party would support BTC, Musk simply and tellingly replied: “Fiat is hopeless, so yes.”

New party, old system

With the America Party, Musk wants to challenge the American two-party system. “When it comes to leading our country toward the brink through waste and corruption, we’re living in a one-party state, not a democracy,” said the Tesla boss. That positions him again as an outsider who wants to shake up the system, this time with Bitcoin as one of the tools.

Split with Trump over trillion-dollar bill

The party's creation follows a heated clash between Musk and former ally Donald Trump. Reason for the clash: the controversial “Big, Beautiful Bill” of $3.4 trillion, signed last week. Musk criticized the bill for the “ridiculous increase in the budget deficit” and called the package a “ghastly monstrosity.”

Notably: Musk previously led the Department of Government Efficiency (DOGE), a (half-ironic?) initiative to curb government spending.

Trump didn't stay quiet. On Truth Social he fired back: Musk is “completely off the rails” and stressed that a third party “has never been successful in American history.”

Mark Cuban and Scaramucci on board?

Even though the party isn't officially registered with the Federal Election Commission yet, the campaign is moving fast. A website is live, and billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci have voiced their support.

Markets awaiting macro data

As crypto and stock markets sit in wait on Monday morning, new developments are on the agenda. The U.S. will release more details on its trade and customs policy. According to Finance Secretary Scott Bessent, the earlier customs pause has been extended from July 9 to August 1.

Additionally, investors this week will be looking at the minutes from the latest FOMC meeting and the latest U.S. unemployment claims data. In short: macro uncertainty, political drama, and Bitcoin in the sights of a new political player—welcome to the 2025 election summer.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.