Elon Musk Declares New Party to Support Bitcoin: What Impact for the Crypto World?

Jakarta, Pintu News – Elon Musk, CEO of Tesla and one of the most influential tech figures in the world, recently confirmed the formation of a new political party called America Party. Through the X platform, Musk publicly stated that his new party will accept Bitcoin (BTC), affirming crypto’s position as one of their main agendas. Musk’s comment that “fiat is hopeless” confirms his belief in the future of cryptocurrency over conventional money.

Musk’s involvement in the crypto world is not new. Under his leadership, Tesla once bought Bitcoin worth $1.5 billion-or around IDR 24.36 trillion (1 USD = IDR 16,241)-in early 2021. The decision made Tesla one of the first public companies to hold Bitcoin in the company’s cash reserves.

Elon Musk’s Relationship with the Cryptocurrency World

Not only Bitcoin, Musk is also known to support other cryptocurrencies such as Dogecoin (DOGE), which often experiences sharp price increases or decreases after his tweets. Currently, Tesla still holds around 11,509 BTC, which is worth around $1.26 billion or Rp20.47 trillion. With this amount, Tesla is the ninth-largest public company to have Bitcoin as part of its treasury wealth.

Musk’s open support for crypto, especially Bitcoin, has also received attention from industry players. Samson Mow, founder of Jan3, thinks this support could be Musk’s “secret weapon” in political competition, especially against Donald Trump. Mow even suggested that Tesla return to accepting payments using Bitcoin and Musk’s other company, SpaceX, provide discounts for customers who pay with BTC.

Also Read: US Tariff Delay Could Make Bitcoin Set a New Record This Week, What’s Really Happening?

The Political Dynamics and Controversies Behind the America Party

The America Party declaration comes amidst the strained relationship between Elon Musk and former US President Donald Trump. Their dispute came to a head after Musk criticized Trump’s “One Big Beautiful Bill” policy, which he said could increase the US national debt by $3.3 trillion over the next decade. Musk thinks this policy could threaten millions of jobs and cause major strategic losses for the United States.

In response, Musk proposed the need for a new party that truly cares about the interests of the people. More than 1.24 million people took a poll on the X platform regarding the establishment of this new party, and almost two-thirds supported Musk. However, Trump warned that the emergence of the America Party could split the Republican vote in the upcoming 2026 midterm elections.

Implications and Challenges for Crypto Adoption in the Political Realm

Musk’s move to link political parties with Bitcoin acceptance is an important marker in the journey of crypto adoption in the American political sphere. If implemented, this policy could set a new example for other political parties around the world to adopt cryptocurrency as an alternative to political payments or donations. However, there remain major challenges in regulation, transparency, and security of crypto transactions that the concerned parties will have to face.

Inevitably, this move will also continue to fuel the debate between conventional currency advocates and cryptocurrency activists. The broader impact is that this decision could encourage the acceleration of crypto adoption in various aspects of life, ranging from politics, economics, to business activities.

Conclusion

Elon Musk’s declaration of the America Party in favor of Bitcoin marks a new chapter in cryptocurrency’s involvement in politics. Despite the controversies and challenges, this decision shows that crypto is gaining recognition on a global level and opens up opportunities for further innovation in the future.

Also Read: Russia Launches National Register of Crypto Mining Rigs: Cryptocurrency Miners Taxed?

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Reference

• Cointelegraph. Elon Musk confirms new ‘America Party’ will embrace Bitcoin. Accessed on 2025-07-08.