Elon Musk – technology billionaire, CEO of Tesla and SpaceX – officially announced the establishment of a new political party called the America Party, while affirming that this party will fully support Bitcoin. On the X platform (formerly Twitter), he emphatically stated: 'Fiat is hopeless,' indicating a clear stance against the current fiat currency system and leaning towards cryptocurrency.

This Event Occurred After a Public Confrontation with President Donald Trump

Just two days before announcing the formation of the America Party, Elon Musk publicly criticized Donald Trump, who had once been his close friend and political ally. Tensions between the two peaked when Trump, on the Truth Social platform on Saturday night, called Elon a 'train wreck' and expressed disappointment at seeing Elon 'self-sabotage publicly.'

Previously, Elon criticized Trump for 'abandoning the political center' and conducted a poll on the X platform, asking followers whether he should form a new party representing '80% of the people in the middle.' The result: nearly 80% of participants agreed – and Elon immediately took action.

Elon Refuses Cooperation with Andrew Yang and the Libertarian Party

Before officially forming the America Party, Elon was approached by many political figures. Andrew Yang – whom Elon supported in the 2020 presidential campaign – shared with Politico that he hoped to form a party together with Elon or at least receive support for his Forward Party. However, Elon did not respond.

Chairman of the National Libertarian Party, Mr. Steven Nekhaila, also reached out to Musk last week, but no cooperation has occurred.

Conflict Surrounding the 'One Big Beautiful Bill Act' and the Promise of Retaliation

The breaking point between Elon and Trump stems from a piece of legislation called the One Big Beautiful Bill Act, which Elon believes betrays the interests of the American people and undermines the spirit of moderation. As this bill was about to be passed by the Senate, Elon declared that if it was signed into law, he would:

  • Establishing the America Party.

  • Supporting candidates who challenge Republican lawmakers who supported this legislation in the upcoming primary elections.

The bill was passed by the House of Representatives on July 3, and as promised, Elon acted: launching another poll, announcing an initial political strategy, and calling the two major parties today a 'one-party' with no substantive differences.

Although Elon possesses immense wealth and a large following, turning the America Party into a true political force will be incredibly challenging:

  • Media outlets like the Washington Post have pointed out that Elon previously failed to influence the 2025 Wisconsin Supreme Court election.

  • His lackluster performance at the Office of Government Efficiency Reform – where he served as a special advisor – has negatively impacted his image among certain voter groups.

  • Getting the new party on the ballot in all states will be a tiring, costly, and complex legal journey.

  • And more importantly, Elon was born in South Africa, so he does not meet the constitutional requirements to become President of the United States. To date, he has not announced who will be the presidential candidate representing the party or the internal organizational structure of the America Party.

A New Party – Unclear Shape – With Bitcoin as a Symbol

Currently, the 'America Party' only exists in the shadow of Elon Musk, with Bitcoin as the financial symbol and a potential voter base that is weary of the two traditional parties.

The future of this party remains unclear, but Musk's political move could be a significant turning point for both the cryptocurrency movement and the political landscape in the United States in the coming years.

With the statement 'Fiat is hopeless,' Elon is betting big on the future of Bitcoin not just as an asset, but as a new political-financial philosophy for America.