Elon Musk has opened up a new front in American and crypto politics by launching the America Party, a self-declared third-party movement that supports Bitcoin. His answer; “Fiat is hopeless, so yes”, was in response to a user asking if his new party would back Bitcoin. The comment on X is now echoing through both political and crypto circles.
Musk’s move comes as Americans are increasingly dissatisfied with the direction of the country and looking for decentralized alternatives. Bitcoin rose 1.24% to $109,429 after the announcement, according to CoinMarketCap.
Musk’s Crypto Breakaway: “We Live in a One-Party System”
On July 6, Musk announced the official formation of the America Party, calling it a response to the corrupt bipartisan monopoly. In a statement on X, he wrote:
“When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy… Today, the America Party is formed to give you back your freedom.”
This followed weeks of tension between Musk and President Donald Trump, who signed the controversial $3.4 trillion “Big Beautiful Bill.” Musk called the bill a “disgusting abomination” and accused both parties of fiscal malpractice. Trump responded by saying Musk was completely off the rails and that a third party was “pointless.”
Musk plans to back America Party candidates in up to three Senate races and 10 House districts, which could give the party swing votes on key legislation.
Bitcoin is the New Center of Crypto Politics
Musk’s Bitcoin endorsement isn’t new. He’s been a proponent of decentralized finance and digital currencies for years. Tesla still holds 11,509 BTC, worth over $1.26 billion, and Musk has allowed BTC and Dogecoin payments for merchandise. However, officials say the America Party is the first U.S. political organization founded with Bitcoin at its core.
Musk hasn’t yet released a full crypto policy but analysts expect proposals around digital asset regulation, blockchain-based voting, and reducing dollar dependency in government finance. Some insiders think the America Party will advocate for Bitcoin as a reserve asset or even crypto-backed municipal bonds.
Mark Cuban, Anthony Scaramucci Offer Support but No FEC Filing Yet
The America Party already has a website and early interest from Mark Cuban and Anthony Scaramucci, both of whom have told Musk to go for it.
“I’ll help you get on ballots,” Cuban said, according to Vanity Fair.
“I would like to meet and discuss…,” Scaramucci.
But as of July 7, the America Party has not filed with the FEC. Experts say that’s a requirement before they can raise or spend federal funds. Still, no FEC filing hasn’t slowed the buzz.
Though Musk and Trump shared a business-first agenda and occasional bromance, their differences over fiscal policy and regulation have grown.
Conclusion: What’s Next for America Party and Bitcoin Policy?
While the crypto politics movement is still unstructured, it now has something it never had before: a billionaire founder with global reach and a large online following.
Next up is: FEC registration of the America Party; Formal crypto policy proposals like taxation and regulation; Candidate selection for House and Senate races and Bitcoin integration into party donations and financial infrastructure.
Summary
Elon Musk has launched the America Party, a political movement that puts Bitcoin front and center in its platform. When asked if the party would support Bitcoin, Musk replied “Fiat is hopeless”. Backed by interest from Mark Cuban and Anthony Scaramucci, the party might contest key congressional seats. Not yet FEC-registered, but already making waves in crypto and political circles.
FAQs
What did Elon Musk say about Bitcoin and fiat?
He said “Fiat is hopeless, so yes” when asked if the America Party would embrace Bitcoin. This is the party’s first public crypto stance.
Is the America Party officially registered?
As of July 7, 2025, no FEC filing has been made but the website is live and Musk is laying groundwork for Congressional races.
Who supports the America Party so far?
Billionaires Mark Cuban and Anthony Scaramucci have expressed interest. Cuban offered ballot access help and Scaramucci invited Musk to chat strategy.
What’s the current price of Bitcoin?
At the time of Musk’s statement, Bitcoin was at $109,429, up 1.24% in 24 hours , However, at the time of this publication, BTC trades at $108,881; according to CoinMarketCap.
Glossary
Crypto Politics: The intersection of digital asset advocacy and political platforms.
FEC: The U.S. Federal Election Commission, which governs campaign finance and party registration.
Fiat: Government-issued currency not backed by a physical asset like gold or crypto.
BTC Reserve Asset: Using Bitcoin as a treasury or national currency hedge.
Sources
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