Elon Musk "America Party, Will Accept Bitcoin…No Hope For Legal Currency"

Elon Musk who declared the founding of America Party (Source: Forbes)

Elon Musk, CEO of Tesla, announced that the ‘America Party’, which he declared the founding of, will officially accept Bitcoin. On July 7 (local time), Musk responded through X (formerly Twitter) to the question, "Will the America Party accept Bitcoin?" by saying "Fiat currency has no hope. Therefore, it will be accepted."

This statement suggests that digital assets might be included in the policy framework of the political force Musk is promoting, predicting considerable impact not only in the cryptocurrency industry but also in political circles.

Although Musk's public support for Bitcoin is not new, it is the first time a clear ‘acceptance declaration’ has been made in conjunction with the founding of a new party. Especially, his statement "Fiat currency has no hope" reveals a fundamental skepticism towards the existing financial system, and is read as support for a decentralized financial system including Bitcoin.

In the political circles, there is attention on the possibility that Musk's America Party will pursue a differentiated path from the existing bipartisan structure in terms of technology, finance, and digital policies. Meanwhile, the market is watching closely how Musk's future statements will affect Bitcoin prices and investor sentiment.