On July 7, 2025, on X, Elon Musk announced that his newly announced political party would accept Bitcoin, stating that 'fiat is hopeless.' Previously, Musk had a conflicted relationship with Bitcoin. In 2021, his company, Tesla, stopped supporting Bitcoin payments, citing Bitcoin's environmental impact. What is Musk's current political platform and what is his stance on Bitcoin's environmental impact?
America Party
After a public disagreement with U.S. President Donald Trump over government spending, Elon Musk went on X on July 4 to declare that Independence Day was the perfect time to ask people if they wanted independence from the two-party system and attached a poll: 'Should we form the America Party?'
There are only two options, yes and no. Within 24 hours, over 1.2 million votes were cast, with 'yes' beating 'no' by a ratio of 2:1. Later, Musk announced that focusing on a few Senate seats and some House districts would be enough to have political influence. A few hours later, he declared that the party was formed 'to give you your freedom back.'
Many Republicans expressed dissatisfaction, noting that a 'third party' would only split the Republican vote and allow the Democrats to win instead of fixing the country. Some argued that the third party already existed and was called MAGA. Others suggested Musk join the Libertarian Party instead, as this party already had some achievements and it was better not to start from scratch.
On July 5, 2025, Musk conducted another poll, asking whether we need a party representing 80% in the middle. 80% of voters chose the answer 'yes.'
While Musk has yet to announce the party's platform, he responded 'yeah' to several points raised by tech investor Tyler Palmer. In his view, the America Party should reduce debt and fight for responsible spending, modernize the military with AI robots, promote technology and AI, reduce regulations (especially in energy), and support childbirth and freedom of speech. When Musk welcomed this post, it was copied multiple times by other accounts, published as the platform of the America Party.
On July 7, 2025, an X user, Renato Lima, asked Musk whether the America Party would accept Bitcoin. Musk replied, 'Fiat is hopeless, so yes.' Someone created a 'non-linked' account for the America Party on X. Within days, this account gained over 300,000 followers, including notable influencers in Bitcoin. This account published Musk's statements and discreetly promoted a memecoin through a link in the bio.
Musk's Environmental Concerns and Bitcoin
A significant part of Musk's success is tied to his efforts to promote environmentally friendly technology. It has impacted his business, political activities, and his relationship with cryptocurrency.
Musk's dedication and leadership in electric vehicle production are based on his concerns about climate change and CO2 emissions. Prioritizing solar energy over fossil fuels is another factor in Musk's efforts to reshape industries to reduce emissions.
Notably, after Trump's victory in the 2024 election, Musk supported Trump in suppressing electric vehicles. He backed Trump's goal of eliminating subsidies for electric vehicle buyers. According to Musk, this would harm General Motors and Ford before Tesla.
As Tesla's sales plummeted this year, Musk criticized the cuts to subsidies for environmentally friendly vehicles. While some argue that Musk supported cuts to subsidies in the past, he wanted to eliminate them from other fossil fuel industries, so Musk has never strayed far from his ecological focus. However, Musk's recent 'yeah' response to the platform containing the term 'less regulation on energy' seems to be a setback in his fight against CO2 emissions.
In 2021, Musk made waves in the cryptocurrency market when he posted tweets about Dogecoin and Bitcoin. At one point, Tesla Motors began accepting Bitcoin as a payment method for its vehicles. However, the company soon reconsidered its decision, citing Bitcoin's environmental impact. As the Bitcoin network consumes as much energy as entire countries, Musk decided to seek greener options.
Despite Musk's changing views on Bitcoin, Tesla remains one of the largest holders of Bitcoin with 11,509 coins on its balance sheet, according to Bitbo.
Bitcoin enthusiasts have found many ways to mine Bitcoin using surplus energy, effectively reducing harmful emissions instead of impacting the environment. Therefore, it is not impossible for Elon Musk to engage in Bitcoin without affecting his 'green' reputation.
Musk's Political Ambition
After months of working as the head of the Department of Government Efficiency, Musk had to resign in May because his job was limited to a 130-day appointment. This department was established to cut government spending. He is often seen with Trump and is present at high-level meetings. This fact is said to have annoyed many people inside and outside Trump's circle.
In June, Musk began criticizing the 'One Big, Beautiful Bill' project. He cited the potential to increase the national debt of the United States by up to $5 trillion over ten years, undoing Musk's achievements in government in cutting spending. He stated that he would form a new political party if the bill was passed, and he did so.
However, in July, his main obsession on X was the Epstein list. Musk posted a meme about it, asking why the case was not being properly investigated and responding to other users' Epstein-themed posts. On June 5, 2025, he mentioned that Trump was on the Epstein list. Since then, Musk has tried to use it as a tool in his conflict with the POTUS.
However, it remains unclear how serious Musk is about forming the America Party and what its impact might be. However, despite Musk's past support for eliminating electric vehicle subsidies, it seems that the America Party cannot overlook ecological concerns. Speaking of Bitcoin, it is likely that Musk will popularize environmentally friendly BTC mining methods in the way he popularized electric vehicles.