Key Takeaways
- Elon Musk conducted a public vote on X for a new America Party, with over 63% of the votes in favour.
- Elon Musk endorses Bitcoin as a primary payment method ahead of fiat currency, gaining Bitcoin supporters.
- DOGE experiences a price rally following Elon’s Bitcoin endorsement, as crypto traders hope for a similar endorsement from the Tesla CEO.
Is Elon Musk officially back to Politics following his new found idea of creating “the America Party” with Bitcoin as a main payment system thrown into the mix when asked by Renato Lima on X if America Party would embrace Bitcoin he replied with clear words “Fiat is hopeless, so yes” gaining the approval of Renato Lima.
The move by Elon Musk to endorse bitcoin as a means of payment for his political movement has come after years of flirting with the world’s largest cryptocurrency by market capitalization. In the past, Tesla had allowed itself to accept Bitcoin payments for a short time, but this was suspended due to environmental concerns.
However, Elon Musk has shown skepticism regarding fiat currency, aligning with broader views of decentralization. The use of fiat currency has struggled against inflation and has come under governmental control, thus suggesting his admiration for Bitcoin and Dogecoin over the years.
Additionally, in recent times, Elon Musk has reiterated his concerns about the U.S. dollar losing its value, leading to significant clashes with U.S. President Donald Trump, with whom he was previously close. As a result, Elon Musk has taken to X, hinting at a new Party formation.
Elon Musk Hints at America Party in the United States
July 4th was Independence day for the United States that sparked a huge controversy from Elon Musk as he conducted a public poll on X where over 1.24 million person voted on his idea of breaking away from the two-party system in the United States with his stating “Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!”
According to Elon Musk, the America Party is for those willing to break free from those bankrupting the U.S. with wasteful spending, tired of the one-party system, tired of being ignored, and tired of debt.
This announcement is a result of his long-standing rift with Donald Trump over the so-called “One Big Beautiful Bill,” which Elon opposes as wasteful and potentially putting the U.S. economy in debt of over $3.3 trillion.
While Elon plans to launch his new party, his endorsement of Bitcoin has sparked strong admiration from Bitcoin maximalists and also suggestions of Dogecoin shortly, leading to DOGE rallying.
Bitcoin as America Party Flagship, DOGE Rallies
Source – DOGE Price Chart TradingView
While Elon has been associated with DOGE as the “DOGE-father” due to his strong admiration for DOGE as a means of payment, as it’s cheap, environmentally friendly, and has a thriving ecosystem of meme lords. Elon Musk has endorsed Bitcoin ahead of DOGE for his America Party.
Although crypto investors believe that DOGE will be incorporated in the future, sparking a strong bullish breakout on the higher timeframe, as the price could attempt a rally towards its daily highs of $0.3.
Related Read – Bitcoin Price Prediction for July – Is $120,000 Incoming?
However, Bitcoin supporters, such as Jan3 CEO Samson Mow, say Elon has the opportunity to dominate the crypto space with better policies within his reach. He also suggested that SpaceX offer BTC discounts and that Tesla accept BTC payments.