Billionaire Elon Musk has made Bitcoin the focal point of the new political party he founded, the "America Party," while declaring fiat money to be "hopeless." This move positions Bitcoin as a tool for fiscal reform, potentially reshaping the debate on cryptocurrency policy in the U.S.
Bitcoin in the new political agenda
Just a few days after announcing the establishment of the "America Party" last Saturday, Musk linked this leading cryptocurrency to the goals of his party. When asked if the party would "support" Bitcoin, Musk tweeted: "Fiat money is hopeless, so yes."
"America Party" plans to run for seats in Congress in 2026. Musk's statement came against the backdrop of the U.S. national debt continuing to rise and a political deadlock over deficit spending becoming increasingly severe.
Potential for fiscal reform and perspectives
Philipp Zentner, CEO of LI.FI, stated that Musk has "real intent and experience" in this matter. His success in helping Trump get elected and seeing the issues of the two-party system shows that Musk "seems very eager to change it."
Mike Eli, founder of Coinperps, believes that if "#AmericaParty " pursues tightening spending policies, this could negatively affect Bitcoin, which tends to thrive during monetary expansion or when currency depreciation is expected. However, Bitcoin supporters have long believed that Bitcoin is a form of "fiscal reform."
Luis Buenaventura, head of the cryptocurrency department at GCash, believes that Bitcoin's association with an "influential political party" has highlighted this belief. He argues that for critics of expanding fiat currency, there are very few viable alternatives other than Bitcoin.
Strong belief in Bitcoin
Tomas Fanta from Heartcore Web3 agrees that Bitcoin "has been and is on the path to being widely accepted as a decentralized alternative to gold." He also stated that Musk "is right in saying that fiat money is causing losses for holders through depreciation," which makes Bitcoin "a suitable alternative to maintain purchasing power."
Data from Bitcoin Treasuries shows that Tesla and SpaceX together hold nearly 19,800 $BTC , worth approximately $2.1 billion, indicating a deeper connection between Musk's projects and Bitcoin. #anhbacong