Elon Musk Announces New Political Party Supporting Bitcoin

Businessman and former senior advisor to the president of the United States, Elon Musk, announced the launch of a new political party aimed at challenging Americans’ “one-party system.” The move came as both, who once regarded each other as friends, clashed with each other.

In a recent X post, a user asked Musk if the new political party will embrace and support bitcoin (BTC). In response, the world’s richest man, with a net worth of approximately $406.5 billion, said, “Fiat is hopeless, so yes.” He added that the American Party is the solution. 

While some users supported the latest move, others also expressed disapproval. One user noted that the development is irrelevant, and BTC is the only hopeful currency. 

Musk Slams Trump’s Tax Plan

Notably, Musk’s announcement follows the passing of Trump’s widely publicized tax and spending plan on Friday, a move that drew sharp criticism from the electric vehicle boss.

Furthermore, concerns have emerged among Republicans that ongoing friction between Musk and President Trump could negatively impact the party’s ability to secure its legislative majority in the upcoming 2026 midterm elections.

As such, earlier this week, the U.S. president issued a warning that he may revoke federal subsidies currently granted to Elon Musk’s various companies.

Trump Threatens Musk Amid Political Rift

He also revealed plans to release the U.S. tariff letters and trade deals today. Meanwhile, Musk has previously stated his intention to launch a new political party and finance efforts to remove legislators who backed the controversial bill.

In June of this year, three Chinese Bitcoin mining companies relocated to the U.S. amid tariff issues. The trade war between the U.S. and China has shaken up where Bitcoin companies obtain their mining tools.

Trump has also disclosed his disappointment towards Musk, despite the role he played in his election and campaign. He referred to the world’s richest man as a “TRAIN WRECK.”

“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks. He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them. The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS,” Trump wrote.

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