Elon Musk Launches America Party Backing Bitcoin in US Senate, House Races

Elon Musk has announced that his newly formed 'America Party' will support Bitcoin, signaling a sharp break from the traditional two-party system and emphasizing Bitcoin as a core pillar for financial freedom in his political vision. Musk criticized the current political landscape and recent budget policies under President Trump, whom he has publicly clashed with, calling the spending bill fiscally irresponsible and accusing the existing system of waste and graft. Despite Trump's dismissal of Musk's third-party ambitions as unlikely to succeed, Musk plans to build support through key Senate and House races, focusing first on state-level campaigns. Tesla and SpaceX, Musk's companies, collectively hold nearly 20,000 BTC, worth over $2 billion, underscoring his genuine financial commitment to the cryptocurrency. The announcement has generated significant market excitement, with Bitcoin approaching $110,000 and Dogecoin also reacting positively, though traders view the news more as a headline than an immediate policy shift. Musk's move highlights a potential realignment in U.S. politics where Bitcoin adoption could play a significant role, contrasting with the crypto policies promoted by the Republican Party under President Trump.