Elon Musk declared that his new political group, "American Party", will promote Bitcoin and consider fiat currency as "desperate".

Elon Musk stated that the American Party, his new political organization, will fully support Bitcoin. When a social media user asked whether the party would support bitcoin, Musk replied: "Fiat is desperate, so the answer is yes".

Musk made this statement right after he called former President Donald Trump's signing of a $3.3 trillion spending deal "insane". He mentioned that this is a major reason why fiat currency is no longer trustworthy.

Musk's new party aims to break away from the two-party system in the US and focus on financial responsibility, decentralization, and innovative solutions, such as supporting cryptocurrencies like Bitcoin.