Elon Musk 's newly launched "America Party" will embrace Bitcoin, the billionaire tech mogul confirmed. On July 6, an X user with the handle @RenatoLima_X asked Musk if America Party will embrace Bitcoin, to which the billionaire responded, "Fiat is hopeless, so yes." Earlier, Musk hinted at stacking Bitcoin by liking a comment on X.

Elon Musk slammed the dollar on social media, calling it and other fiat money “hopeless.” His America Party will embrace crypto, he says. That could set up another area of contention with Donald Trump, who was his political ally for many months before and after the November election.

The America Party has yet to hold a formative congress or issue a specific platform. Little is known about the party’s stance, beyond Musk’s vague comments of a preference for centrism, deregulation, reduction of government spending and support for Bitcoin ( BTC ).