Elon Musk founded the “America Party,” directly confronting lawmakers who support Donald Trump’s controversial tax and spending bill.
The confrontation between Elon Musk and Donald Trump is attracting attention as it affects the cryptocurrency market, especially Bitcoin and Dogecoin, which have increased sharply amid political tensions.
MAIN CONTENT
Elon Musk opposes the “Big Beautiful Bill” and forms a new political party to challenge Republican lawmakers who support the bill.
Trump criticizes Musk's new party as a source of political turmoil, while Musk still supports cryptocurrencies.
Political tensions fuel the price surge of Bitcoin and Dogecoin, attracting strong interest from the crypto community.
How does Elon Musk react to the tax and spending bill?
Elon Musk said the “Big Beautiful Bill” threatens to push the US economy to the brink of crisis, and voiced strong opposition on social network X (formerly Twitter).
He called the bill a “debt slave bill” and said that adding $5 trillion to the debt would be “very damaging.” Musk also announced his intention to form the America Party to challenge Republican lawmakers who supported the bill in the upcoming midterm elections.
“What is the purpose of DOGE if they just add $5 trillion to the national debt?”
Elon Musk, CEO Tesla and SpaceX, June 2024
How did Donald Trump react to Musk's move?
Trump expressed disappointment and doubt about the possibility of a third party succeeding, calling it “total chaos and disruption” in the US political system, and also assessed that Musk had gone “too far” in the past 5 weeks.
He posted many comments on the Truth Social platform, emphasizing that the current political system is not for third parties to develop.
“It saddens me to see Elon Musk go so far, wanting to create a third party when this party has never been successful in the United States – The system doesn't seem to be designed for them.”
Donald Trump, former President of the United States, June 2024
What is Elon Musk's view on cryptocurrency and politics?
Despite his strong criticism of Trump’s bill, Musk has shown a strong support for cryptocurrencies. He confirmed that the America Party will support Bitcoin and called traditional fiat currencies “hopeless.”
Musk's companies Tesla and SpaceX both hold Bitcoin in their treasuries, demonstrating his commitment to the cryptocurrency as a long-term and strategic asset class.
“Fiat money is hopeless, so of course I will support Bitcoin.”
Elon Musk responds on X, June 2024
How does political tension affect the cryptocurrency market?
The tension between Musk and Trump has triggered a notable increase in the prices of Bitcoin and Dogecoin. Bitcoin rose 1.12% to $108,980.11, while Dogecoin rose 4.48% to $0.1731, according to CoinMarketCap data.
The breakout marks a strong recovery after a slight drop to $105,000 shortly after the initial clash between the two figures.
How does the crypto community react to this confrontation?
The cryptocurrency community on social media was abuzz when two big names mentioned digital currencies in their political strategies. Some analysts said this was a move to attract support from cryptocurrency investors and young voters.
Youtuber Rananjay Singh opined: Musk's new party wants to leverage Bitcoin to get votes, mixing politics and technology, making the market closely watch every step.
“The system that was once afraid of Bitcoin now wants to use it to gain votes and power. Is this real progress or just politics using cryptocurrency?”
Rananjay Singh, Crypto Influencer, June 2024
Frequently Asked Questions
What is Elon Musk's America Party? This is Musk's new political party that is challenging Republican lawmakers who support Trump's tax and spending bill. Does Elon Musk support cryptocurrency? He is a big supporter, Tesla and SpaceX both hold Bitcoin in their treasury. How has Donald Trump reacted to the America Party? Trump has criticized the party for creating chaos and doubts the success of a third party. How do political tensions affect cryptocurrencies? Bitcoin and Dogecoin have surged in price before and after the exchange of words between Musk and Trump. Is the use of cryptocurrency in politics trustworthy? Experts warn that further observation is needed to distinguish between genuine support for technology and political strategies that exploit cryptocurrencies.
Source: https://tintucbitcoin.com/digital-money-and-political-influence/
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