Key Takeaways
- Elon Musk confirms his America Party will embrace Bitcoin, citing dissatisfaction with fiat money.
- Tesla has yet to resume Bitcoin payments despite an increase in sustainable mining energy use.
- Skepticism persists regarding the party's true commitment to Bitcoin, with critics suggesting political opportunism.
Elon Musk has confirmed that his recently announced political group, the America Party, will embrace bitcoin as part of its platform.
Musk made the announcement during an exchange on X, stating:
“Fiat is hopeless, so yes [we would embrace BTC].”
This aligns with Musk’s longstanding interest in bitcoin.
Tesla & BTC
His company, Tesla, still holds bitcoin on its balance sheet.
However, Tesla previously suspended bitcoin payments in 2021 due to environmental concerns, promising to resume once at least 50% of bitcoin mining used sustainable energy.
Data from Cambridge University indicates this benchmark was reached in April 2025, but Tesla has yet to reinstate the payment option.
For up-to-date information on Tesla’s bitcoin holdings, see the Tesla bitcoin treasury tracker.
Reactions
Not all observers are convinced of Musk’s intentions.
Bitcoin researcher Daniel Batten questioned the sincerity of the America Party’s bitcoin agenda, suggesting it could be politically motivated.
Despite this skepticism, some bitcoin supporters see the party’s stance as a way to engage younger, tech-oriented voters dissatisfied with the current political landscape.
Party aims for strategic influence
On July 5, Musk introduced the America Party as an alternative to what he calls the “one-party system” in Washington.
He criticized both major parties for fiscal mismanagement and explained that the America Party will focus on a handful of Senate and House seats to act as a legislative tiebreaker.
The party’s launch comes amid rising tensions between Musk and President Donald Trump, following a public dispute over a Trump-backed spending bill.
The disagreement has resulted in ongoing criticism from both sides on X and Truth Social.
