Bitcoin Slips as Trump Threatens to Send Elon Musk Back to South Africa in Fiery Feud

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The crypto market opened the week on a volatile note as Bitcoin prices dipped slightly into the red while an explosive political drama played out in Washington.

Just weeks after the U.S. President Donald Trump publicly praised Elon Musk as a “wonderful man,” their relationship took a sharp, unexpected turn. As the Senate debated Trump’s much-hyped spending legislation,  nicknamed the “big, beautiful bill,”  Musk fired back with a threat. The Tesla and SpaceX CEO announced that if Trump’s bill passed, he would launch a brand-new political party called The America Party.

But Musk didn’t stop there. Taking to his platform X, the billionaire slammed lawmakers for approving what he called the “biggest debt increase in history.” He warned that those who supported the bill would lose their primary elections next year, vowing to make it happen “if it’s the last thing I do on this earth.”

I am literally saying CUT IT ALL. Now.

— Elon Musk (@elonmusk) July 1, 2025

Trump hit back just as hard. In a post on Truth Social, the president accused Musk of being deeply dependent on government subsidies, hinting that without federal support, Musk would have to “close up shop and head back home to South Africa.” 

“No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED,” Trump wrote.  “I am literally saying CUT IT ALL. Now,” Musk said.

The public feud comes at a tense time for the crypto market. Bitcoin slipped by 0.72% in the past 24 hours, now trading at $106,743. Other major cryptocurrencies like Ethereum, Solana, and XRP also showed mixed movements.