Elon Musk Asserts Fiat Is ‘Hopeless’, Confirms His New America Party Will Embrace Bitcoin

Tesla CEO and multipreneur Elon Musk confirmed on Sunday that the ‘America Party’, a pro-tech centrist party he intends to form after his short-lived alliance with US President Donald Trump ended, would accept Bitcoin (BTC).

“Fiat is hopeless, so yes,” Musk replied to an X user who asked if the America Party would embrace the premier crypto.

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

The so-called America Party was formed out of a public rift between Musk and President Donald Trump over the ‘Big Beautiful Bill’, which Musk has called a “disgusting abomination,” claiming it would erode millions of jobs in the US and cause “immense strategic harm” to the nation.

This particular bill is estimated to add a whopping $3.3 trillion to the US national debt over the next decade.

Musk questioned Trump’s rationale for forming the Department of Government Efficiency (D.O.G.E.), an extra-governmental agency that sought to reduce the US national debt, if he was going to increase the national debt by trillions of dollars.

Musk’s Relationship With Crypto

Musk’s relationship with cryptocurrencies is well-documented, with SpaceX and Tesla both holding BTC on their corporate treasuries.

Tesla purchased $1.5 billion worth of BTC in early 2021, making it one of the first publicly listed companies to hold Bitcoin on its balance sheet. The EV maker currently holds 11,509 BTC, worth approximately $1.2 billion, making it the eighth-largest publicly traded company to hold Bitcoin in its treasury.

Bitcoin OG Adam Back recently suggested that Musk should buy 1 million in BTC to “front-run the US government and the Trump family” in their ongoing feud. While Musk already owns some Bitcoin, Back believes that the eccentric centibillionaire’s current allocation is too low for his enormous net worth

The X owner has also been a Dogecoin evangelist over the years. His obsession with shitposting helped boost the biggest and oldest meme coin to a top 10 cryptocurrency.

Interestingly, Musk even called himself the “Dogefather” ahead of a “Saturday Night Live” skit about the cryptocurrency back in 2021 — sending the coin’s price rocketing higher. DOGE would jump to its current record high price of $0.73 at this time.