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"Fiat Is Hopeless": Elon Musk’s America Party to Accept Bitcoin
Last Updated: July 07, 2025
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Key Takeaways
- Elon Musk launched the America Party after an X poll showed strong support for the idea;
- The new party will accept Bitcoin donations, as Musk declared, "Fiat is hopeless";
- Trump warned the party could split Republican votes and harm midterm election chances.
Elon Musk has officially introduced the America Party, a new political group that plans to accept Bitcoin
The announcement came after a poll on X, where over 1.24 million users voted on whether he should start a party. Nearly two-thirds supported the idea, and Musk moved forward with the plan.
When someone on X asked if the party would support Bitcoin, Musk replied, "Fiat is hopeless, so yes".
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Musk’s decision to form a new party followed a disagreement with President Donald Trump. He has opposed Trump’s "One Big Beautiful Bill", a proposal expected to increase US debt by $3.3 trillion over the next ten years.
He also criticized the Department of Government Efficiency (DOGE), which aimed to reduce the national debt. Musk pointed out the contradiction between promoting debt reduction while supporting a bill that adds trillions in new spending.
After announcing the America Party, he said the country does not truly have a two-party system. Instead, he claimed, both major parties allow wasteful spending to continue without serious debate.
President Trump stated that the party could divide the Republican vote and hurt the party’s chances in the 2026 midterm elections.
Meanwhile, Musk’s artificial intelligence (AI) company, xAI, recently raised $10 billion. What is the purpose of this funding? Read the full story.
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