On July 7, 2025, on X, Elon Musk claimed that his recently announced political party will embrace Bitcoin, stating that “fiat is hopeless.” In the past, Musk had conflicting relations with Bitcoin. In 2021, his company, Tesla, halted support of Bitcoin payments, citing Bitcoin’s environmental impact. What is Musk’s current political platform, and what’s his stance on Bitcoin’s environmental impact?
The America Party
After a very public disagreement with U.S. President Donald Trump over government spending, Elon Musk took to X on July 4 to state that Independence Day is the perfect time to ask people if they want independence from a two-party system and attached the poll: “Should we create the America Party?”
There were only two options, yes and no. In 24 hours, over 1.2 million votes were cast, with “yes” beating “no” at a 2:1 ratio. Then, Musk claimed that the focus on several seats in the Senate and several House districts would be enough to have political influence. Several hours later, he declared that the party was formed “to give you back your freedom.”
Many Republicans expressed displeasure, noting that “the third party” would only split the Republican vote and let Democrats win instead of fixing the country. Some suggested that the third party already exists, and it’s called MAGA. Others offered Musk to join the Libertarian Party instead, as it already has some achievements and it’s better not to begin from scratch.
On July 5, 2025, Musk launched another poll, asking if we need a party that represents the 80% in the middle. 80% of voters chose the “yes” answer.
While Musk is yet to release the party’s platform, he replied “yeah” to several points offered by tech investor Tyler Palmer. In his view, the America Party should reduce debt and fight for responsible spending, modernize the military with AI robotics, boost technologies and AI, reduce regulation (especially in the energy sector), and be pronatalist and pro-free speech. As Musk greeted this post, it was copied many times by other accounts, publishing it as the America Party platform.
On July 7, 2025, an X user, Renato Lima, asked Musk if the America Party is going to embrace Bitcoin. Musk replied, “Fiat is hopeless, so yes.”
Someone has already created a “not affiliated” account of the America Party on X. In several days, it got over 300,000 subscribers, including notable Bitcoin influencers. The account posts Musk’s statements and silently promotes a memecoin via a link in the bio.
Musk’s environmental concerns and Bitcoin
A huge part of Musk’s success is intertwined with his push for eco-friendly technology. It has been impacting his businesses, his political activity, and his relationships with cryptocurrencies.
Musk’s dedication and leadership in producing electric vehicles are based on his concern about climate change and CO2 emissions. Prioritizing solar power over fossil fuels is another element of Musk’s strive to rebuild the industries so that emissions will be reduced.
Notably, after Trump’s victory in the 2024 election, Musk backed Trump’s crackdown on electric vehicles. He supported Trump’s aim to take away subsidies for those buying electric cars. According to Musk, it would hurt General Motors and Ford before Tesla.
As Tesla’s sales tanked this year, Musk criticized taking away subsidies on eco-friendly vehicles. While some claim that Musk was advocating for the subsidies’ removal in the past, he rather wanted to lift them from other oil/fossil-based industries too, so generally Musk never stepped away from his ecology focus. However, Musk’s recent “yeah” reply to the platform containing the “less regulation in energy” clause may look like a step back in terms of striving for the war on CO2 emissions.
In 2021, Musk made waves in the crypto market by publishing tweets about Dogecoin and Bitcoin. At some point, Tesla Motors started to accept Bitcoin as a payment for its vehicles. However, soon the company reconsidered its decision, citing Bitcoin’s environmental impact. As the Bitcoin network consumes as much energy as entire countries, Musk decided to look for greener options.
Despite Musk’s change of heart on Bitcoin, Tesla remained one of the top corporate holders of Bitcoin with 11,509 coins on its balance sheet, according to Bitbo.
Bitcoin enthusiasts have found many ways to mine Bitcoin with excessive energy, effectively reducing harmful emissions rather than impacting the environment. So, it is not impossible for Elon Musk to be involved in Bitcoin without compromising his “green” reputation.
Musk’s political ambitions
After several months of service as the head of the Department of Government Efficiency, Musk had to step down in May as his work was limited to a 130-day appointment. The department was set to cut government spending. He was usually seen with Trump and was present at high-profile meetings. This fact allegedly was annoying many people outside and inside Trump’s circle.
In June, Musk began to criticize the project of the “One big, beautiful bill.” He cited the potential of increasing the U.S. national debt by a whopping $5 trillion in ten years, scrapping the achievements of Musk’s activity in the government in cutting spending. He said that he would start a new political party if the bill were adopted, which he did.
However, in July, his main obsession on X is the Epstein list. Musk is posting memes about it, asking why the case is not investigated properly, and replying to Epstein-themed posts of other users. On June 5, 2025, he mentioned that Trump is on the Epstein list. Ever since, Musk has been trying to use it as a tool in the conflict with the POTUS.
Yet, it’s not clear how serious Musk is when it comes to creating the America Party and what impact it can have. However, despite Musk’s advocacy for EV subsidies removal in the past, it doesn’t seem that the America Party can ignore ecological concerns. Speaking of Bitcoin, it is possible that Musk would popularize the eco-friendly ways of mining BTC the way he popularized electric vehicles.
