Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, confirmed that his newly formed America Party will adopt Bitcoin (BTC).
He also dismissed traditional fiat currency as 'hopeless'. The statement was made in response to a question on X (formerly Twitter).
The announcement follows Musk's public dispute with President Donald Trump over the 'great and beautiful bill', which motivated the creation of the America Party. Musk, who has been a major financial supporter of Trump's campaigns, criticized the legislation as economically harmful.
Fiat is hopeless, so yes
— Elon Musk (@elonmusk) July 7, 2025
Meanwhile, Musk's support for crypto is not new. The CEO has been a recurring advocate for the sector, having previously boosted the value of assets like Dogecoin (DOGE) through public mentions. The indication that the America Party will adopt Bitcoin reinforces the growing involvement of public figures and politicians in the debate about the future of digital currencies.
Today (7), Bitcoin (BTC) maintained its upward trajectory, trading at $109,439, approaching the resistance at $109,476. This movement puts the largest cryptocurrency on the market just 2.3% away from its all-time high of $111,980.
According to data from TradingView, the Relative Strength Index (RSI) remains in an optimistic zone, indicating that buying pressure continues to be strong. To consolidate the advance and aim for the record-breaking, Bitcoin needs to break the current resistance level and turn it into support.
However, analysts warn that any more intense selling pressure, especially from long-term investors, could interrupt the rally. If the asset does not sustain current levels, a drop to the $108,000 range could occur, signaling a possible short-term correction.
The article Elon Musk says America Party will support Bitcoin was first seen on BeInCrypto Brazil.
