Elon Musk Confirms His New Political Party Will Accept Bitcoin, Because 'Fiat Currency is Hopeless'

Last month, Elon Musk had a falling out with Donald Trump, prompting Musk to announce the formation of his own new political party. Additionally, Musk confirmed that his new party would embrace Bitcoin, because 'fiat currency is hopeless.' These words came from the tech giant's original statement while answering questions on his social media platform X. The response from the cryptocurrency community is understandably optimistic.

Furthermore, Musk stated that anyone who votes in favor of and passes the bill is a traitor to the American people. Before the bill was passed, Musk had worked with Trump in the Department of Government Efficiency (DOGE), which is unrelated to the meme coin Dogecoin (DOGE), but rather a department dedicated to reducing government spending based on what he sees as waste of government funds.

Trump was disappointed by Elon’s reaction to the bill, which has now been passed and accepted as a piece of legislation. Trump reached out to Musk in hopes of resolving their differences. Three months ago, Musk exited Dogecoin (DOGE), and this bill seems to further deepen the rift between the two. After Trump publicly expressed his disappointment with Musk, Elon’s response was even more scathing, ultimately leading to a public breakup between the two.

This dispute ended with Trump demanding Musk's expulsion, while Musk called for Trump’s impeachment. Afterward, Elon Musk revealed that he would soon be forming his own political party. The altercation with Trump appears to have impacted Musk more than ever, as the tech giant is now dedicated to creating a third political party. He had threatened Trump that he would take action if the bill was passed, and this seems to be his action.

Musk Claims Fiat is Hopeless

He claimed that Trump is working to bankrupt the country through waste and corruption, asserting that they live in a one-party system rather than a democratic nation. The move to form a new political party has raised many public questions. One of the questions is whether this new political party would accept Bitcoin, to which Elon Musk responded: 'Fiat currency is hopeless,' and confirmed that yes, the party will accept Bitcoin (BTC).