Tesla CEO and multi-industry entrepreneur Elon Musk confirmed on Sunday that the 'America Party', a centrist party supporting technology that he plans to establish after his brief alliance with U.S. President Donald Trump ends, will accept Bitcoin.
“Fiat money is hopeless, so it exists,” Musk replied to a user on X when they asked if the America Party would accept the leading cryptocurrency.
The so-called America Party was formed after a public rift between Musk and President Donald Trump over the 'Beautiful Big Bill', which Musk called "a disgusting atrocity", claiming it would erode millions of jobs in the U.S. and cause "enormous strategic harm" to the nation.
This specific bill is estimated to add an additional $3.3 trillion to the national debt of the United States over the next decade.
Musk questioned why Trump established the Department of Government Efficiency (DOGE), a government agency aimed at reducing the national debt of the United States, if he intended to increase the national debt by trillions of dollars.
Musk's Relationship With Cryptocurrency
Musk's relationship with cryptocurrency has been well documented as both SpaceX and Tesla hold BTC in their corporate treasury.
Tesla purchased $1.5 billion in BTC in early 2021, becoming one of the first publicly listed companies to hold Bitcoin on its balance sheet. The electric vehicle manufacturer currently holds 11,509 BTC, worth approximately $1.2 billion, making it the eighth largest public company to hold Bitcoin in its treasury.
Bitcoin OG Adam Back recently suggested that Musk should buy 1 million BTC to "get ahead of the U.S. government and the Trump family" in their ongoing power struggle. While Musk has owned some Bitcoin, Back believes that this eccentric billionaire's current allocation is too low compared to his massive net worth.
The owner of X has also been a Dogecoin promoter for many years. His obsession with posting memes has helped propel this largest and oldest meme coin into the top 10 cryptocurrencies.
Interestingly, Musk even referred to himself as the “Dogefather” before a 'Saturday Night Live' skit about cryptocurrency in 2021 — causing the price of this coin to skyrocket. DOGE would rise to its current all-time high of $0.73 at that time.
