Elon Musk, Co-founder of luxury car manufacturer Tesla, hinted at the possibility of forming a new political party this weekend. According to Elon Musk, this renowned entrepreneur intends to launch the 'America Party', indicating a significant impact on both political and financial fields, especially cryptocurrency. At the same time, this announcement has raised concerns about the recently proposed Congressional spending bill.
Elon’s idea of the 'America Party' raises speculation about its potential impact on the cryptocurrency sector
The co-founder of Tesla has taken to social media to classify the latest U.S. bills as 'crazy'. With this viewpoint, he expressed his intention to soon establish an exclusive political party, the 'American Party'. On this matter, he asserted that such a step is necessary to restore representation for voters.
Although there is no immediate impact on the cryptocurrency market, historical cases show the significant influence of Musk's previous discussions related to the political situation. In particular, Musk has played a major role in the extreme volatility of the famous meme coin Dogecoin ($DOGE).
Musk's past political interventions indicate significant volatility in cryptocurrency
The latest introduction of the 'America Party' also emphasizes the potential impact on $DOGE and other cryptocurrency assets. Currently, Dogecoin ($DOGE) is trading at $0.1636 after a slight decrease of 0.01% in the past 24 hours. On the other hand, its weekly price performance shows an increase of 0.4%. Additionally, there is a possibility that $DOGE will witness significant volatility in the near future, driven by Musk's latest announcement.
Overall, Musk's proposal to establish a new 'America Party' is a new example of various political interventions. The implementation of this threat could indeed pose a significant challenge to the current two-party system operating in the United States. However, at the moment, there is no evidence of rapid volatility in the cryptocurrency sector, including leading assets like Bitcoin ($BTC).