Musk's America Party Backs Bitcoin, Declares Fiat 'Hopeless'
Musk's announcement aligns with the party's broader platform of fiscal conservatism, deficit reduction and modernisation of government, which is packaged alongside calls for balanced budgets and strategic investment in technology and national security. He introduced the party on July 5, following a public poll on X in which around two‑thirds of his 1.2 million followers endorsed the move.
The billionaire's embrace of Bitcoin reflects his long-standing support for cryptocurrencies. Tesla purchased approximately $1.5 billion in Bitcoin in early 2021 and still holds around 11,509 BTC—though prior plans to accept the currency for vehicle purchases were suspended over environmental concerns.
ADVERTISEMENT
Encouragement from crypto leaders followed, with some describing Musk's statement as a historic moment for the digital‑asset space. Analysts at Coinpedia noted that the alignment between a political movement and the digital economy could mark a turning point. Market response was immediate: Bitcoin briefly rallied to near US $110,000 before stabilising.
Musk is positioning the America Party not merely as a crypto‑friendly political entity, but as a force targeting legislative chokepoints. He has outlined plans to field candidates in a limited number of competitive Senate and House races—'two or three Senate seats and eight to ten House districts'—with the aim of becoming a decisive swing vote in Congress.
The strategy draws inspiration from military tactics: Musk compared it to how ancient Theban general Epaminondas concentrated forces at critical points to win battles. The America Party's ideological core emphasises financial prudence, reduced regulation, and public-sector innovation.
The move marks a further escalation in Musk's dispute with Donald Trump, which began after Musk criticised Trump's 'One Big Beautiful Bill' for adding trillions to the national debt. Trump has derided the America Party as a 'train wreck' and 'ridiculous,' warning it will fracture conservative support and sow chaos in the US political system.
Washington insiders caution that third-party efforts in the United States face steep hurdles. These include challenging ballot access laws, entrenched political loyalties, and the structural bias of the winner‑take‑all electoral process. Experts say that while Musk's finances and profile offer resources, success remains far from certain.
Despite scepticism, the emergence of a crypto‑friendly political platform led by a high‑profile figure may signal broader shifts in US political and fiscal dialogue. If the America Party proceeds with its plan to integrate Bitcoin and digital asset advocacy into its legislative agenda, it could set precedents in campaign finance and monetary policy discussions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East Eye
an hour ago
- Middle East Eye
Here's a timeline of Trump's comments on Gaza
After US President Donald Trump announced early in July that a 60-day ceasefire for Israel's war on Gaza was on the cards, people have been waiting with anticipation for the outcome of his meeting with Israeli Prime Minister Benjamin Netanyahu at the White House this week. Monday's discussions produced no reported breakthroughs, with talks expected to continue through Tuesday. Since returning to office on 20 January 2025, Trump has flip-flopped on plans for Gaza. Middle East Eye takes a look at the timeline of Trump's comments on Gaza. Trump's first mention of a captive deal and a ceasefire agreement: 15 January Five days before returning to the White House, Trump announced on his Truth Social platform that a hostage deal was underway. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters 'WE HAVE A DEAL FOR THE HOSTAGES IN THE MIDDLE EAST. THEY WILL BE RELEASED SHORTLY. THANK YOU!' Shortly after, he also announced that a ceasefire agreement was in place, brokered by Steve Witkoff, who at the time was the incoming Middle East envoy, as Trump had not yet been sworn into office. 'We're going to take it. We're going to hold it. We're going to cherish [Gaza]' - US President Donald Trump 'This EPIC ceasefire agreement could have only happened as a result of our Historic Victory in November, as it signaled to the entire World that my Administration would seek Peace and negotiate deals to ensure the safety of all Americans, and our Allies. I am thrilled American and Israeli hostages will be returning home to be reunited with their families and loved ones. 'With this deal in place, my National Security team, through the efforts of Special Envoy to the Middle East, Steve Witkoff, will continue to work closely with Israel and our Allies to make sure Gaza NEVER again becomes a terrorist safe haven. We will continue promoting PEACE THROUGH STRENGTH throughout the region, as we build upon the momentum of this ceasefire to further expand the Historic Abraham Accords. This is only the beginning of great things to come for America, and indeed, the World! 'We have achieved so much without even being in the White House. Just imagine all of the wonderful things that will happen when I return to the White House, and my Administration is fully confirmed, so they can secure more Victories for the United States!' Trump suggests displacing Palestinians in Gaza to neighbouring countries, and 'clean out that whole thing' : 25 January Just days after becoming president, Trump first touts that Jordan and Egypt should take in Palestinians from Gaza. "I'd like Egypt to take people, and I'd like Jordan to take people [from Gaza]," Trump said, adding he spoke that day with Jordan's King Abdullah. "It's literally a demolition site ... so I'd rather get involved with some of the Arab nations and build housing at a different location where they (Palestinians) can maybe live in peace for a change. We just clean out that whole thing." Trump reiterates plans for the forced displacement of Palestinians: 27, 30 and 31 January Trump reiterated his plan for Palestinian displacement on 27, 30 and 31 January. He said he expected Egypt and Jordan to agree to it despite their rejection of the proposal. 'I think he (Egypt's president) would do it, and I think the king of Jordan would do it, too," Trump said on 27 January. Trump proposes permanent displacement of Palestinians: 4 February Ahead of his first meeting with Netanyahu in Washington, Trump suggested permanently displacing Palestinians from Gaza, saying that Palestinians had no option but to leave the enclave because it had been ravaged by Israel's military assault, leaving tens of thousands of people both displaced and killed. Tony Blair Institute linked to Gaza plan condemned as ethnic cleansing: Report Read More » "I think they (Gazans) should get a good, fresh, beautiful piece of land, and we get some people to put up the money to build it. I don't know how they could want to stay (in Gaza)". Trump told reporters. The plan was condemned globally, with Palestinians, Arab nations, the United Nations and human rights experts saying it was tantamount to "ethnic cleansing". Trump proposes US takeover and redevelopment of Gaza: 4 February Later, on 4 February, Trump proposed a US takeover of Gaza during a press conference with Netanyahu, saying: "The US will take over the Gaza Strip... We'll own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons on the site". He proposed turning it into the "Riviera of the Middle East'. He said Washington would ask neighbouring countries with "humanitarian hearts" and "great wealth" to take in Palestinians. He said those countries will pay for rebuilding Gaza and housing displaced Palestinians. When asked if US troops would be sent, Trump said: "If it's necessary, we'll do that." When asked who will live in Gaza, Trump said: "I envision world people living there ... Palestinians also." Trump aides retract some of his statements about permanently displacing Palestinians: 5 February Trump's top aides walked back some of his statements about permanently displacing Palestinians and using the US military. White House press secretary Karoline Leavitt said Palestinians should be "temporarily relocated" while Gaza is rebuilt, and Secretary of State Marco Rubio said Palestinians could leave Gaza for an "interim" period. Leavitt said Trump had not committed to putting "boots on the ground". Trump walks back his comments that US soldiers are needed in Gaza: 6 February Trump posted on social media: "The Gaza Strip would be turned over to the United States by Israel at the conclusion of fighting. The Palestinians ... would have already been resettled in far safer and more beautiful communities, with new and modern homes, in the region. No soldiers by the US would be needed!" Trump says Palestinians have no right to return: 10 February Fox News anchor Bret Baier asked Trump during an interview if Palestinians would have a right to return to Gaza under his plan, with Trump saying they would have "permanent" housing outside the strip. "No, they wouldn't because they're going to have much better housing." He added: "I'm talking about building a permanent place for them." Trump meets with Jordan's King Abdullah: 11 February On the day he met Jordan's King Abdullah II in Washington, Trump said that he would "take" and "hold" Gaza. "We will have Gaza. No reason to buy. There is nothing to buy. It's Gaza. It's a war-torn area. We're going to take it. We're going to hold it. We're going to cherish it". King Abdullah expressed his opposition to Trump's plans. Later that day, Trump was asked if he was going to withhold aid to Egypt and Jordan, which both rely on Washington for economic and military assistance. "You know, I think we'll do something. I don't have to threaten with money ... I do believe we're above that," he said. Trump releases AI-generated video of Gaza: 26 February Trump shares an incendiary AI-generated video on his Truth Social platform depicting a transformed Gaza under US control. The clip, posted without comment, is titled "Gaza 2025, What's Next?" The video faced global backlash. Trump's second meeting with Netanyahu in Washington: 7 April Trump met Netanyahu weeks after he broke the ceasefire agreement. Trump returned to his vision of a post-war exodus of Palestinians from Gaza, which Arab nations firmly rejected. "I think it's an incredible piece of important real estate," he said. "And I think it's something that we would be involved in, but you know, having a peace force like the United States there, controlling and owning the Gaza Strip, would be a good thing." "And if you take the people, the Palestinians, and move them around to different countries, and you have plenty of countries that will do that." Trump added: "A lot of people like my concept. But you know, there are other concepts that I like too, and there are some concepts I don't like". Arab leaders in March adopted a $53bn Egyptian reconstruction plan that would avoid displacing Palestinians from Gaza. Trump and Israel rejected it at the time. Trump announces a ceasefire deal is on the cards: 1 July Trump announced on Truth Social that a proposed 60-day ceasefire deal between Israel and Hamas is a possibility. 'We've had great cooperation from... surrounding countries' - US President Donald Trump 'My Representatives had a long and productive meeting with the Israelis today on Gaza. Israel has agreed to the necessary conditions to finalize the 60 Day CEASEFIRE, during which time we will work with all parties to end the War. The Qataris and Egyptians, who have worked very hard to help bring Peace, will deliver this final proposal. I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE. Thank you for your attention to this matter!' Hamas announced that they were considering the deal and would like a permanent end to the war. Trump's third meeting with Netanyahu in Washington: 7 July When asked about displacing the Palestinians, Trump said the countries around Israel were helping out. "We've had great cooperation from... surrounding countries. ... So something good will happen," Trump said. Netanyahu said that Israel was working with Washington to find other countries to agree to such a plan. "If people want to stay, they can stay, but if they want to leave, they should be able to leave," Netanyahu said. "We're working with the United States very closely about finding countries that will seek to realise what they always say, that they wanted to give the Palestinians a better future. I think we're getting close to finding several countries." Washington has for decades backed a two-state solution between the Israelis and the Palestinians to create a state for Palestinians alongside Israel. Trump said, "I don't know" when he was asked if that solution was possible and referred the question to Netanyahu. "I think the Palestinians should have all the powers to govern themselves, but none of the powers to threaten us. That means a sovereign power, like overall security, will always remain in our hands," Netanyahu said.
Al Etihad
an hour ago
- Al Etihad
Trump to attend Club World Cup final, FIFA opens office in Trump Tower
8 July 2025 23:24 WASHINGTON/EAST RUTHERFORD, US (REUTERS)US President Donald Trump will attend Sunday's Club World Cup final in East Rutherford, New Jersey, he said at a Cabinet meeting on Tuesday, as world soccer's ruling body FIFA announced it had opened an office in New York's Trump expanded tournament featuring many of the world's best club teams has been widely seen as a dry run for the 2026 World Cup, which will be co-hosted by the United States, Canada and Mexico with a record 48 national teams taking a Club World Cup final at MetLife Stadium will be a preview of next year's championship match, with the home of the NFL's New York Jets and Giants also hosting the 2026 finale.'I'll be going to the game,' Trump told news came a day after FIFA President Gianni Infantino announced the opening of a representative office at Trump Tower, where the Club World Cup trophy will be on display until the final.'We have received such a big support from the government and from the President with the White House Task Force for the FIFA Club World Cup (now) and for the FIFA World Cup next year,' Infantino said. Trump has not shied away from sport's super-sized spotlight during his second term, becoming the first sitting president to attend a Super Bowl in February, and in May announcing DC as the host for the 2027 NFL Draft from the Oval Office.
Arabian Post
3 hours ago
- Arabian Post
Trump Warns BRICS Tariff Aimed at Dollar Undermining
U. S. former President Donald Trump has warned that any nations aligning with the BRICS bloc's efforts to challenge the U. S. dollar will face a 10 % tariff, set to take effect by 1 August unless a deal is struck. Speaking at a Cabinet meeting and in a post on his Truth Social platform, Trump characterised BRICS' currency ambitions as tantamount to 'destroying the dollar,' likening such a loss to the outcome of a major war and pledging not to allow it. Trump's latest announcement signals a sharp escalation in trade posture. The threat is conditional: the tariffs would only be activated should countries adopt 'anti‑American policies' associated with de‑dollarisation efforts. Earlier, he floated even more drastic measures—100 % tariffs on BRICS nations if they merely 'think' about reducing dollar dependence. The BRICS coalition, now encompassing ten countries including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, and the UAE, recently issued a joint communique from their summit in Rio de Janeiro calling for reduced reliance on the dollar and reforms in global financial institutions. Brazilian President Luiz Inácio Lula da Silva rebuffed Trump's posture, clarifying BRICS seeks fairer economic structures rather than confrontation, remarking: 'The world has changed. We don't want an emperor'. ADVERTISEMENT China's foreign ministry dismissed the tariff threat, stating BRICS promotes 'win‑win cooperation' and does not target any country. South Africa's President Cyril Ramaphosa also urged dialogue with the U. S., warning against coercive economic tactics. Analysts note Trump's tariff strategy packs limited immediate punch: officials stress it will only be enforced if BRICS nations explicitly adopt anti‑American measures. Yet the punitive posture serves as a negotiating lever ahead of U. S. trade talks with BRICS members—India and Indonesia among them—prior to the looming 1 August deadline. Economic commentators warn such antagonistic tactics risk destabilising global markets. Investors initially showed muted reactions, though bond yields edged up on mounting uncertainty. The tension surfaces as BRICS explores alternatives to the U. S. dollar—on‑line payments platforms and bilateral currency swaps already in motion—which are viewed by some economists as early steps toward a multipolar monetary order. Global economists emphasise that while the dollar's share of foreign exchange reserves has fallen from over 70 % to near 58 %, it remains dominant, and de‑dollarisation is gradual rather than immediate. A newly issued BRICS currency is not imminent, though cross‑border central bank digital currency trials and blockchain platforms are in advanced development. The tariff gambit adds complexity to U. S. relations with BRICS members. Alongside India's ongoing trade negotiations, Indonesia is reportedly preparing a $34 billion pact and increased U. S. wheat imports in parallel with tariff discussions. Trump asserted preserving the dollar's reserve status is non‑negotiable, citing its global primacy as foundational to U. S. national security. 'If we lost the world standard dollar, that would be like losing a major world war,' he declared. BRICS countries have interpreted that stance as direct economic pressure. Lula said, 'Tariffs should not be used as a tool for coercion and pressuring'. China echoed similar sentiments, warning such tariffs 'do not benefit anyone'. The coming weeks will determine whether Trump seeks to translate these warnings into trade action, or uses them as leverage in broader economic negotiations. With the 1 August window approaching, both Washington and BRICS capitals are bracing for intensified engagement—and the underlying contest over monetary influence shows no signs of subsiding.
