Elon Musk officially supports bitcoin amid political ambitions

Elon Musk, the founder of Tesla and SpaceX, has announced his intention to create a political movement called the America Party, which will officially support bitcoin and oppose the traditional fiat currency, which Musk called «hopeless.» The entrepreneur announced this on the X platform amid a sharp public dispute with President Donald Trump over his administration’s fiscal policy.

The initiative to create the America Party came in response to the so-called «Big Beautiful Bill» — Trump’s large-scale tax and budget package, which Musk criticized as a «debt slavery law.» This confrontation caused a deep rift between the two influential figures.

Although the party has not yet been officially registered and does not have its own website, Musk voices its ideology in his posts and retweets: it will be a political force with a focus on technology, freedom of speech, and opposition to excessive regulation, while adhering to centrist approaches in other matters. Musk, who has long supported cryptocurrencies and holds bitcoin in the corporate reserves of Tesla and SpaceX, considers digital assets an integral part of the new political strategy.

Amid the developments, the cryptocurrency market showed significant growth on Sunday, July 6. Bitcoin BTC $108,340.30 Bitcoin -0.22% Market capitalization $2.15 trillion VOL. 24 hours $0.96 billion climbed above $ 109,000, XRP XRP $2.28 XRP -2.71% Market capitalization $134.83 billion VOL. 24 hours $0.35 billion and Solana SOL $150.41 Binance-Peg SOL -1.49% Market capitalization $0.17 billion VOL. 24 hours $0.38 billion added more than 2%, Dogecoin DOGE $0.17 Binance-Peg Dogecoin 0.05% Market capitalization $0.43 billion VOL. 24 hours $0.11 billion grew by 3%, and Ethereum ETH $2,565.07 Bridged Ether (StarkGate) 0.83% Market capitalization $73.4 million VOL. 24 hours $0.82 billion reached $ 2,550. This followed a statement by U.S. Treasury Secretary Scott Bessent about the likely completion of trade agreements before the July 9 tariff deadline. If the negotiations fail, the new tariffs may come into effect on August 1, which further affects the financial markets and the cryptocurrency market.