Bitcoin Becomes a Political Darling — Elon Musk Declares “America Party” Will Embrace BTC

TradingKey – On Monday, July 7, billionaire Elon Musk confirmed that his newly launched “America Party” will officially support Bitcoin (BTC). 

When asked on X whether the party would back Bitcoin, Musk replied, “Fiat is hopeless, so yes.”

Musk’s Tweet – Source: X.

The announcement comes just days after the U.S. House of Representatives passed the “One Big Beautiful Bill”, a sweeping fiscal package backed by President Donald Trump. Musk has been a vocal critic of the bill, citing concerns over government waste and corruption. On July 5, he followed through on his earlier promise to launch a new political movement, stating that the America Party aims to reform a system he views as broken.

While Trump and the Republican Party have generally taken a pro-crypto stance, Musk’s third-party initiative adds a new dimension to the political landscape. With both camps now signaling support for Bitcoin, the digital asset could benefit regardless of which side prevails in the upcoming election cycle.

Over the past 24 hours, Bitcoin has surged more than 1%, climbing to $109,466, inching closer to the $110,000 mark.

Bitcoin Price Chart – Source: TradingView.