Tesla founder and billionaire Elon Musk announced the formation of his new political party, saying that his party’s funding will not rely on traditional fiat and will accept Bitcoin.
He responded to a question from an X user in his post about whether his new party would accept Bitcoin and he agreed.
Elon Musk is no stranger to the crypto world. Under his leadership, Tesla bought $1.5 billion worth of Bitcoin in early 2021, making him one of the first public companies to hold BTC as a treasury asset.
Tesla currently holds 11,509 BTC worth around $1.26 billion, making it the ninth largest company to hold the crypto giant’s reserves.
Musk is also known to support Dogecoin, with the price of the memecoin often rising or falling whenever he tweets on X.
According to Jan3 founder Samson Mow, Musk’s penchant for Bitcoin could give him a strategic advantage over Donald Trump in the increasingly heated political race.
Elon Musk's relationship with Donald Trump has reportedly become strained after the announcement of the latest 'One Big Beautiful Bill'.
Musk slammed the bill as "insane and destructive", warning that it would eliminate millions of jobs in the United States and bring great strategic harm to the country.
The bill is expected to increase the national debt burden by $3.3 trillion over 10 years, raising serious questions about Trump's credibility.
Finally, Musk suggested that the US needs a new political party that cares about the people.
