Key Takeaways
- Elon Musk has launched a new political movement: the America Party.
- He says the party supports Bitcoin and calls fiat currency “hopeless.”
- Musk’s move mirrors a growing global trend of pro-crypto leaders gaining political ground.
Bitcoin (BTC) has become more than just an asset class; it’s now a topic of discussion in global politics.
From El Salvador to South Korea, elected leaders are increasingly aligning themselves with crypto. Now, Elon Musk wants in.
Over the weekend, the Tesla and SpaceX CEO unveiled the America Party, a third-party initiative that aims to challenge the U.S. political establishment.
In classic Musk fashion, he paired the launch with bold declarations, including a promise that the new party supports Bitcoin and a jab at fiat currency, calling it “hopeless.”
Musk Launches New Party Pushing on BTC
“Today, the America Party is formed to give you back your freedom,” he posted on X.
The launch comes after Musk clashed with former ally Donald Trump over a $3.4 trillion spending bill, which he labeled a “disgusting abomination.”
While still unregistered with the Federal Election Commission (FEC), the America Party has launched a website and appears to be targeting swing districts for influence.
Musk’s allies reportedly include Mark Cuban and Anthony Scaramucci. Trump, for his part, dismissed Musk’s ambitions, saying he’s gone “completely off the rails.”
The Ironic Bitcoin Pitch
Musk’s Bitcoin endorsement feels familiar. And not just because he helped pump the crypto back in 2021.
It also mirrors the narrative that helped crypto-friendly Republicans secure key wins in the 2024 election, including Trump’s return to the White House and a GOP-controlled Senate.
But there’s a catch.
While Musk is waving the Bitcoin banner again, Tesla—the company he leads—hasn’t followed the same path.
In early 2021, Tesla made headlines by buying $1.5 billion in BTC. Since then, it has sold off 75% of that stash and hasn’t bought more.
As of the latest filings, the company holds over $17 billion in fiat cash and only $1.25 billion in BTC.
Musk also previously walked back his support for Bitcoin due to environmental concerns, saying he’d only back it again once it became more sustainable.
Now, he’s returning to the crypto cause, this time as a political candidate.
Bitcoin’s Growing Appeal Among World Leaders
Whether or not Musk gains real political traction, one thing is clear: Bitcoin is becoming a vote-winner.
In South Korea, the 2025 presidential race has seen every major candidate openly back Bitcoin spot ETFs, a sharp departure from the cautious stance of past years. Crypto has clearly become a voter issue, not just a financial one.
Over in Japan, political parties are using pro-crypto policies to court younger, tech-savvy voters. Recent tax cuts on digital asset gains and regulatory reforms have positioned crypto as a centerpiece of economic innovation — and a key campaign talking point.
In Argentina, President Javier Milei’s pro-Bitcoin rhetoric helped him secure office in 2023, riding a wave of anti-establishment sentiment and economic discontent.
Meanwhile, El Salvador remains the poster child for Bitcoin’s political power. President Nayib Bukele’s 2021 decision to adopt BTC as legal tender was initially met with global skepticism, but it played well at home.
His landslide re-election in 2024 was a clear sign that voters are rewarding his crypto rhetoric, especially when paired with national pride and infrastructure investment.
From Asia to Latin America, Bitcoin isn’t just influencing markets — it’s reshaping political platforms. Musk, ever the opportunist, clearly sees the trend.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
