Musk, New Party and Cryptocurrencies
On July 4, Elon Musk announced the creation of the 'American Party' — a response to President Trump's signing of the 'One Big Beautiful Law'. Musk opposed the increase in national debt and spending, calling the law an 'abhorrent monstrosity'. His new political platform promises to fight corruption and enhance freedoms, which may attract the crypto community that is opposed to centralized control.
What this means for cryptocurrencies:
- The likelihood of a shift in public discourse towards decentralization and technological autonomy is increasing.
- Potential liberalization of cryptocurrency regulation if the party influences policy.
- However: rising political turbulence may increase short-term volatility in the markets.
Conclusion: Musk is transforming political dissent into a platform of influence. His focus on transparency and digital freedom could become a turning point for the crypto industry in the U.S.