Elon Musk has said his newly launched America Party will support Bitcoin, taking aim at fiat currency and stepping up his criticism of U.S. fiscal policies.
Responding to a question on social platform X late Sunday about whether his political movement would embrace Bitcoin, Musk replied: “Fiat is hopeless, so yes.”
Musk’s remarks came shortly after he formally announced the formation of the America Party, which he described as a challenge to the entrenched two-party political system in the U.S. and a push to restore “freedom” by cutting what he called government waste and runaway deficits.
His comments also reflect a deepening feud with President Donald Trump, who last week signed a sweeping federal spending bill that Musk had earlier denounced as a “disgusting abomination.”
Trump fired back on Sunday, dismissing Musk’s political initiative as “ridiculous” and claiming the billionaire entrepreneur had “gone off the rails.”
Fiat currencies — such as the U.S. dollar — are issued by governments and have no backing from physical commodities like gold. Their value derives from legal tender laws and the trust of the public. Bitcoin, by contrast, is a decentralized digital currency that operates independently of central banks and has long been championed by some as an alternative to fiat money.
Musk’s latest comments echo his previous critiques of government inefficiency and overspending. He had previously led an initiative known as the Department of Government Efficiency (DOGE), which sought to curb federal spending through reforms.
By aligning his political platform with support for Bitcoin, Musk is signaling that digital assets could figure prominently in his vision of fiscal reform and monetary independence — and staking out a position in an already heated national debate over money, debt, and the future of the U.S. economy.