'America Party' to embrace Bitcoin, Elon Musk says fiat is hopeless originally appeared on TheStreet.
Elon Musk's newly launched "America Party" will embrace Bitcoin, the billionaire tech mogul confirmed.
On July 6, an X user with the handle @RenatoLima_X asked Musk if America Party will embrace Bitcoin, to which the billionaire responded, "Fiat is hopeless, so yes."
Earlier, Musk hinted at stacking Bitcoin by liking a comment on X.
Reactions from the crypto community poured in as soon as Musk dropped the breaking announcement.
Crypto entrepreneur Brandon Turp called Musk "King" in appreciation of the latest move.
Ben Pham, CFO at Bitcoin-focused fund management firm Strive Funds, commented, "Save in Bitcoin, save the people, save a nation."
Stephen Cole, co-founder of the Bitcoin treasury platform Castle, reposed hope in the king coin and said, "Bitcoin is hope. Let's fix the money."
Dennis Porter, co-founder and CEO of the Bitcoin mining advocacy organization called Satoshi Action, called the development "massive."
Musk and Trump's feud births a new party
While the tech tycoon supported Donald Trump's presidential election and even led the Department of Government Efficiency (D.O.G.E.) under his administration, he had a public feud with the president over the flagship "big, beautiful bill."
As reported earlier, Musk expressed his dissatisfaction with the two-party system in the U.S. and decided to launch a new political party.
The Dogecoin team member, popularly known as @cb_doge on X, has been supporting Musk's political campaign.
Enthusiasts of the meme coin had once hoped that Musk would implement DOGE payments during his stint at the D.O.G.E., given the similar nomenclature, but were met with disappointment.
It was no different this time.
Join the discussion with David Bailey on Roundtable here.
One X user, @DogecoinXPost, asked, if Dogecoin had a chance.
Another user, @Web3Quant, asked when his EV company, Tesla, will begin accepting Bitcoin payments.
As reported earlier, Tesla began accepting Bitcoin payments for vehicle purchases on March 24, 2021. But the company stopped the payment policy on May 12, 2021, owing to concerns over the negative environmental impact of Bitcoin mining.
Can stablecoins save fiat?
Bitwise's head of Alpha Strategies, Jeffrey Park, asked if the party will embrace the stablecoin company Tether to save fiat.
Tether is the crypto company behind USDT, a stablecoin pegged 1:1 to the U.S. dollar.
Given the fact that the GENIUS ACT dealing with stablecoin regulation has seen progress, the stablecoin market is expected to expand further.
USDT is the largest stablecoin, with a market cap of $159.46 billion. It accounted for more than 62% of the total stablecoin market share at the time of writing.
Join the discussion with Scott Melker on Roundtable here.
Following Musk's confirmation of "America Party" embracing Bitcoin, the cryptocurrency jumped from $108,735.07 to as high as $109,627.25.
As per Kraken, Bitcoin was trading at $109,158.81 at press time.
'America Party' to embrace Bitcoin, Elon Musk says fiat is hopeless first appeared on TheStreet on Jul 7, 2025
This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared.
