Elon Musk backs Bitcoin as official party currency in America and he criticizes fiat because it is hopeless.

Earlier, Elon Musk, the Tesla and SpaceX CEO, publicly confirmed that the America Party, formed just recently, would use Bitcoin (BTC) as its denominating currency to strengthen his long-held intentions to use cryptocurrencies instead of traditional monetary frameworks.

Musk's America Party Welcomes Bitcoin

The announcement follows Musk's political clash with ex-President Donald Trump, specifically over the contentious "big beautiful bill," which Musk asserts would have disastrous economic implications. The rift led to the birth of the America Party, a movement Musk asserts seeks economic innovation, technological progress, and financial freedom of finances.

"Fiat is doomed. Bitcoin is the future," Musk wrote on X (formerly Twitter), suggesting that the America Party will make its economic policy conform to decentralized finance principles.

The political move represents a significant event in U.S. crypto and political history, as it's the first big party project to incorporate Bitcoin into its underlying platform.

Musk's Ongoing Support of Crypto

Elon Musk's crypto support is nothing new. His tweets have been known to move market prices, particularly for Dogecoin (DOGE), a meme-based currency he has long supported.

Musk's tweets tend to usher in large DOGEUSD price increases, granting him a cult-like following among Dogecoin investors.

While Bitcoin will be the official currency of the America Party, experts believe Dogecoin might still hold a cultural or meme-based function in Musk's wider political and economic world.

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