Elon Musk stirred up Washington by announcing that his yet-unregistered “American Party” would support Bitcoin. His move comes when he vows to shake up the status quo, targeting what he calls futile government spending.
Musk’s brief statement that “Fiat is hopeless” has already sent ripples through both political and code circles.
Musk launches political bids
According to a recent tweet from Musk, his new centralist party will begin by defending candidates in the US Senate and House of Representatives. He’s on record saying he won’t jump straight into the White House run.
Instead, he will first build support at the state level. This measured approach reflects the massive efforts needed to participate in the poll. Most states require tens of thousands of signatures for each race. Masks need a ground game that rivals an established party.
Fiat is hopeless, so yes
– Elon Musk (@elonmusk) July 7, 2025
Bitcoin shows numbers in front and center
Based on the report, Masks aren’t just talking. His two companies, Tesla and SpaceX, hold 11,509 at Tesla and 8,285 at SpaceX, combined with 19,794 BTC.
The stash is worth around $2.1 billion at its current price. He also says he personally has Bitcoin, Ethereum and Dogecoin. By linking his political projects to Bitcoin, Musk could be appealing to the same audience that promoted President Donald Trump’s 2024 campaign on crypto topics.
Elon Musk is forming his own political party. Image: Bloomberg/Getty Images
Bitcoin prices are hardly caught up in the news. The coin is $108,772 and there are no clear spikes or dips. Traders seem to see this as another musk headline rather than a sign of a concrete policy change.
With volatility has varied 30% in recent months, the actual plan to win campaign funds or taxes with Bitcoin will face difficult questions about price fluctuations.
Bitcoin is expected to play a major role in Musk's political push. Image: FXEmpire
Regulation and logistics hurdles
Based on disclosure, there is no “governmental efficiency ministry.” Musk’s Doge Jibe is just a nod to Dogecoin fans. Actual institutions such as the IRS and SEC must weigh if a political party attempts to use Bitcoin for donations or payments.
The US Campaign Finance Act caps donations and requires strict reporting. Transforming crypto into cash quickly, especially during a sell-off, can cause accounting nightmares.
Voting is another mountain. Each state has its own rules regarding deadlines, forms and signature thresholds. Some people request petitions filed more than a year before the election.
Masks need to hire or mobilize coordinate teams to track hundreds of deadlines. Failure in one important state can completely distract him from voting for that state.
If Musk filed the party’s paperwork and published plans to handle cryptographic volatility and compliance, a real test will be performed.
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