Elon Musk: “Fiat Hopeless”, America’s Party Will Support Bitcoin (BTC) as a Fiscal Solution?

Jakarta, Pintu News – Billionaire Elon Musk is back in the crypto spotlight after confirming that his new political party, America Party, will “embrace” Bitcoin (BTC) as part of its political identity. Musk openly called fiat currencies “hopeless” or no longer relevant, and highlighted the need for radical fiscal reform in the United States. On Twitter, Musk asserted, “Fiat is hopeless, so yes,” when asked if his party would support Bitcoin.

The newly-formed America’s Party has no presidential ambitions, but will instead focus on congressional elections in the 2026 midterms. Musk’s decision comes amid public concern over the growing US national debt and the political deadlock over the budget deficit.

Observer Perception: Between Seriousness and Strategy

While many see Musk’s move as a strategic maneuver, some crypto observers see real intent behind the statement. GCash’s Luis Buenaventura thinks Musk’s criticism of the debt limit hike is in line with his current stance on Bitcoin as a solution to fiscal reform. However, he also warned that Musk often “blurs the line” between real policy and public provocation.

On the other hand, Philipp Zentner, CEO of LI.FI, thinks Musk has the ability and resources to drive real change, given his influence in politics and technology. Meanwhile, Mike Eli of Coinperps cautioned that austerity policies that are too strict can actually have a negative impact on the price of Bitcoin, as this asset tends to grow when there is monetary expansion.

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

Bitcoin as an Alternative Fiscal Reform

In recent times, the narrative of Bitcoin as a form of fiscal reform has gained ground, especially for those critical of fiat monetary expansion. Some analysts argue that associating Bitcoin with high-profile political parties will accelerate public adoption of crypto as an alternative store of value, even as “digital gold”.

Tomas Fanta of Heartcore Web3 thinks Bitcoin is already on the path to widespread acceptance as a decentralized alternative to gold. However, he also mentioned that Musk’s efforts to promote Bitcoin as the party’s “main policy” are more soundbait than pure technocratic policy.

Financial Position: Tesla and SpaceX Hold 19,800 BTC

Another interesting fact is that Musk’s Tesla and SpaceX are recorded as holding nearly 19,800 BTC, equivalent to around $2.1 billion or Rp34.1 trillion (1 USD = Rp16,241). This figure shows Musk’s serious involvement in the crypto ecosystem, not only as an individual, but also corporately through the two giant tech companies he leads.

Bitcoin itself is trading at around $108,600 (Rp1.76 billion) at the time of writing, with open interest reaching $74.86 billion in the crypto derivatives market.

Conclusion

Elon Musk’s remarks about “hopeless fiat” and the endorsement of Bitcoin by the Party of America mark a potential new chapter in US politics and the digital economy. However, observers say it’s important to remain vigilant about the line between communication strategy, real policy, and practical realization. This move could potentially accelerate the role of cryptocurrencies in national fiscal policy-or at the very least, add weight to public discussions about the future of the financial system.

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

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Reference

• Decrypt. Elon Musk Declares Fiat ‘Hopeless,’ Says America Party Will Embrace Bitcoin. Accessed on 2025-07-08.