- Elon Musk has confirmed that his new political group, the America Party, will accept Bitcoin.
- Tesla remains a major holder of Bitcoin, with 11,509 BTC worth about $1.26 billion.
- Musk’s support for cryptocurrencies has been notable, including involvement with both Bitcoin and Dogecoin.
- Musk’s launch of the America Party follows criticism of Donald Trump’s economic policies and their potential impact.
- Trump has said Musk’s party could divide the Republican vote in the 2026 U.S. midterm elections.
Elon Musk, the CEO of Tesla and founder of the newly formed America Party, announced that his political group will accept Bitcoin as a form of payment. Musk made the announcement in response to a question on X, stating, “Fiat is hopeless, so yes.”
Tesla, under Musk’s leadership, previously invested $1.5 billion in Bitcoin in early 2021, becoming one of the first large public companies to hold the cryptocurrency in its treasury. At present, Tesla holds about 11,509 BTC, valued at roughly $1.26 billion, according to data from Bitbo.
Musk has a well-known history with cryptocurrencies, including support for Dogecoin, which has often influenced the token’s price after his social media comments. Jan3 founder Samson Mow commented that by adopting Bitcoin, Musk could strengthen his position against Donald Trump in their ongoing feud. Mow also suggested that Tesla resume accepting Bitcoin payments and that Musk’s company SpaceX offer discounts for Bitcoin payments.
In 2024, Musk initially opposed using the Bitcoin network for payments on Mars due to slow transaction speeds, but later mentioned the potential for a localized Lightning Network—a technology designed to make Bitcoin transactions faster—to address these concerns. Previously, in 2021, Musk’s remarks that “the price of Bitcoin was too high” were followed by a significant price drop for the cryptocurrency (source).
Musk’s creation of the America Party comes amid criticism of Donald Trump’s “One Big Beautiful Bill,” which Musk described as “utterly insane and destructive.” The bill is estimated to increase the U.S. national debt by $3.3 trillion over the next decade. Musk has questioned Trump’s strategies for addressing national debt and has spoken about the need for a new party that “actually cares about the people.”
In an online poll, over 1.24 million users voted on whether Musk should start the America Party, with nearly two-thirds in favor. Trump has since stated that Musk’s party could split the Republican vote in the 2026 midterm elections.
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