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US President Donald Trump blasted Elon Musk as “off the rails” after the Tesla CEO launched the America Party and confirmed it would support Bitcoin.
Responding to a user on X who asked whether the new political party would embrace Bitcoin, Musk replied that “Fiat is hopeless, so yes.”
The Bitcoin price rose around 1% after the comment to trade at $109,169.72 as of 2:25 a.m. EST.
Musk has long been a vocal supporter of crypto, and Tesla holds over $1 billion in Bitcoin on its balance sheet, according to Bitcoin Treasuries. He’s also earned the nickname “DogeFather” for his support of Dogecoin.
Musk To Challenge Two-Party System
Musk ran a poll on X on July 4, which is also Independence Day in America, to gauge whether there’s support for a new political party.
Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!
Should we create the America Party?
— Elon Musk (@elonmusk) July 4, 2025
Over 1.24 million votes were cast, with an overwhelming 65.4% supporting a new political party to challenge the current two-party system.
Trump Says Musk Has Gone “Off The Rails”
Musk’s launch of the America Party comes after a dispute with US President Donald Trump, who the Tesla CEO had assisted in cutting down government spending through the Department of Government Efficiency (DOGE).
Trump and Musk clashed when the President introduced his so-called “Big, Beautiful Bill,” which was signed into law the same day Musk ran his poll.
Musk said the bill is “utterly insane,” and that it gives “handouts to industries of the past while severely damaging industries of the future.”
SIGNED. SEALED. DELIVERED. 🧾🇺🇸
President Trump’s One Big Beautiful Bill is now LAW — and the Golden Age has never felt better. pic.twitter.com/t0q2DbZLz5
— The White House (@WhiteHouse) July 4, 2025
“I am saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks,” Trump said on his Truth Social platform on Sunday. “He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States.”
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