Elon Musk Confirms: The American Party Will Support Bitcoin
Elon Musk, the billionaire entrepreneur, has officially launched his new political group — The American Party — and confirmed it will back Bitcoin. Musk made the announcement on X, quoting user Beff-e’s post that called the party “the solution,” to which he responded, “Fiat is hopeless, so yes.”
In the same thread, when asked if The American Party would embrace Bitcoin, Musk replied with a clear “yes,” signaling a direct challenge to fiat currency and aligning with his long-standing pro-Bitcoin stance.
This move follows Musk’s very public clash with the current U.S. President over a $3.3 trillion spending package, which Musk condemned as reckless and financially irresponsible. With this backdrop, The American Party aims to disrupt the traditional two-party dominance by promoting fiscal responsibility, reduced government expenditures, and a strong push for tech innovation.
Musk’s endorsement of Bitcoin through his party adds more weight behind BTC’s future prospects. It’s not entirely surprising, given Musk’s deep ties to crypto and Tesla’s significant Bitcoin holdings. According to bitcointreasuries.net, Tesla owns 11,509 BTC, valued at approximately $1.25 billion, with an average purchase price of $33,539 per coin.
While many applaud Musk’s bold political and financial moves, others speculate this could be a strategic effort to expand his business empire — though no concrete evidence supports that claim.
Musk vs. Trump: The Political Showdown
The growing tension between Musk and the U.S. President has stirred online buzz. In a July 7, 2025 post, Dave Lee, a YouTuber, claimed Musk’s anger wasn’t about electric vehicle mandates but rather about the government's projected $5 trillion debt increase. Lee suggested that Vice President Vance should step in and clarify the facts to the President.
Musk added fuel to the fire in a separate X post on July 6, asking, “What the heck was the point of @DOGE if he’s just going to increase the debt by $5 trillion??”
Bitcoin Market Snapshot
According to CoinMarketCap, Bitcoin has gained 1.12% in the past week and is currently trading at $108,873. The market cap stands at $2.16 trillion, with daily trading volume up 32.33% to $39.67 billion.
Bitcoin has seen a strong rebound recently, nearing its all-time high before pulling back below $100K. Analysts believe the market’s rising volume could push global digital asset trading beyond $200 billion in the near term — with Bitcoin leading the charge.
With both Musk and Trump signaling support for Bitcoin, speculation is mounting that more political parties around the world may soon follow suit.
