Elon Musk has announced that his newly established political party will accept Bitcoin, stating on X that "fiat is hopeless." The comment was made in response to a user's question on Monday.

This statement reignited speculation about Musk’s stance on digital currencies. Analysts interpreted it as a sign of renewed interest in Bitcoin, with one user noting, “You broke Elon’s long silence on Bitcoin.”

Musk introduced his political organization, the American Party (AMEP), during a live broadcast on X Sunday evening. He positioned the party as an alternative to both the Republican and Democratic establishments. The party was officially registered with the Federal Election Commission (FEC) on July 6.

The move follows Musk’s criticism of a legislative package backed by Donald Trump, which he claimed would cause “massive strategic harm” by increasing the U.S. national debt. Musk had previously vowed to form a third party if the proposed bill passed.

According to Musk, the party’s tactical approach involves targeting two to three Senate seats and eight to ten House districts, aiming to influence key legislative outcomes with decisive swing votes.

The AMEP platform includes fiscal responsibility to reduce the national debt, modernization of the military with AI and robotics, deregulation of the energy sector, and strong advocacy for free speech.

Following Musk’s endorsement, Bitcoin prices rose 1.5%, from $108,000 to $109,550, hitting an intraday peak during early Asian trading on Monday. At the time of writing, Bitcoin remained above $109,000—just 2.2% shy of its all-time high.

The looming July 9 deadline for the introduction of trade tariffs could further impact Bitcoin’s trajectory, potentially driving prices higher if delays or favorable deals are announced.

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