Elon Musk Calls the U.S. Dollar ‘Hopeless,’ Says His America Party Will Embrace Bitcoin

As details about his new political venture begin to emerge, Elon Musk has confirmed that the “America Party” will embrace Bitcoin, a move that solidifies the party’s anti-establishment and tech-centric identity. The world’s richest man made the revelation on his social media platform, X, signaling a potential new frontier for cryptocurrency in American politics.

The exchange unfolded after Musk positioned his new party as a home for centrists and voters disillusioned with the traditional two-party system. “Somehow being a centrist is now considered a radical, batshit crazy idea,” posted one X user on July 6. “How did we get here?”

Musk replied simply, “The America Party is the solution.”

This prompted a direct question from another user: “@elonmusk, will the America Party embrace Bitcoin?”

Musk’s four-word answer was unambiguous: “Fiat is hopeless, so yes.”

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

His response, while brief, speaks volumes. By declaring fiat—government-issued currency like the U.S. dollar that is not backed by a physical commodity—as “hopeless,” Musk is aligning his political movement with the core philosophy of many cryptocurrency advocates who view digital currencies as a necessary check on government monetary policy and inflation.

While the tech mogul did not specify how his party would integrate Bitcoin, the most immediate application would be accepting political contributions in cryptocurrency. Under Federal Election Commission (FEC) guidelines, political committees are permitted to receive Bitcoin and other cryptocurrencies as “in-kind” contributions, which are valued at their market price at the time of donation.

This move is a natural fit for Musk, whose influence in the crypto space is undeniable. His electric vehicle company, Tesla, remains a significant corporate holder of Bitcoin, with its 11,509 BTC currently valued at approximately $1.25 billion, according to Bitcoin Treasuries. Though Tesla briefly accepted Bitcoin for vehicle purchases in 2021 before halting the practice due to environmental concerns, the company’s sizable crypto treasury signals a long-term belief in its value.

Beyond Bitcoin, Musk is famously the biggest influencer of the meme-inspired cryptocurrency Dogecoin. The price of Dogecoin often reacts dramatically to his posts, demonstrating his powerful effect on the volatile crypto markets.

Musk’s announcement adds another layer of intrigue to his fledgling political party. Many questions still surround the “America Party,” from whether the controversial billionaire will complete the formal administrative procedures to who might run as candidates in the 2026 midterm elections. But by tethering its identity to Bitcoin, Musk is making a clear statement: his attempt to disrupt American politics will be powered by the disruptive potential of cryptocurrency.