Tech billionaire Elon Musk has launched the America Party, a new political movement aimed at challenging the U.S. two-party system . Announced on July 5, 2025, the party tries to fix what Musk considers the “centrist” crisis in American politics . A key plank of the party's platform is its embrace of Bitcoin, with Musk declaring fiat currency “hopeless”, and this decision has attracted substantial interest in both political and cryptocurrency circles .
The America Party, officially registered with the Federal Election Commission on July 6, 2025, under the name “America Party (AMEP)”, aims to disrupt the Democratic-Republican duopoly . The party plans to focus on a few critical House and Senate elections to influence legislation by exploiting tight legislative margins . Musk said that this plan will ensure those laws reflect the “true will of the people” .
In a reply to X user Renato Lima on July 7, 2025, Musk said that the American Party is pro-Bitcoin, saying, “Fiat is hopeless, so yes” . This fits with Musk's long-standing interest in cryptocurrencies, which he showed when Tesla bought $1.5 billion worth of Bitcoin in 2021 . Tesla has 11,509 BTC, which is worth about $1.26 billion, making it the ninth-largest publicly traded Bitcoin holding . Musk's support raised the price of Bitcoin from $108,735.07 to $109,361.29, which shows how excited the market is .
Musk's history with cryptocurrencies extends beyond Bitcoin. His support of Dogecoin in 2021 led to a 23,894% price spike, yet it also brought charges of market manipulation . The America Party's Bitcoin focus is considered a purposeful move to cater to crypto enthusiasts, with individuals like Bitcoin Advocate Max Keiser and Samson Mow expressing support .
Elon Musk announced the formation of a new political party on Sunday, telling one of his followers on X that it will embrace Bitcoin as “fiat is hopeless” . Musk said that the party aims to challenge the U.S. two-party system and restore “freedom” by reining in government waste and deficits . The move comes amid an escalating feud with Trump, who recently signed a massive spending bill that Musk had harshly criticized as a “disgusting abomination” .
The America Party's support for Bitcoin could change the way people talk about digital currency in politics . Analysts see it as a way to protect against inflation as U.S. debt rises to more than $37 trillion .