The American political scene has recently been stirred up by Elon Musk's involvement. After publicly criticizing the Trump administration's "Beautiful Law," Musk officially announced the establishment of the "America Party" on July 5, aiming to break the political pattern of alternating power between the Democratic and Republican parties. More notably, in response to the question of whether the "America Party" would embrace Bitcoin, Musk clearly stated on the X platform: "Fiat currency has no hope, so yes." This statement not only closely ties Bitcoin to the future of American politics but also sparks widespread discussion about the potential success of Musk's new political party.

On July 4, America's "Independence Day," Musk initiated an online poll asking netizens whether the "America Party" should be established to "liberate" the American people from the two-party system. The voting results showed that among over 1.249 million participants, supporters accounted for 65.4%, while opponents made up 34.6%. Based on this, Musk announced on July 5: "Today, the establishment of the 'America Party' gives you freedom." He bluntly stated that America is "bankrupt due to waste and corruption."

Musk has preliminary ideas for the political agenda of the "America Party." Some netizens speculate it may include reducing debt spending, promoting AI technology development, and fully relaxing regulations. Musk responded affirmatively, saying, "That's right!" What excites the cryptocurrency community the most is Musk's positive response when asked if the "America Party" would embrace Bitcoin: "Fiat currency has no hope, so yes."

This statement is significant. It not only elevates Bitcoin to the level of a political agenda but also reflects Musk's distrust of the existing fiat currency system. If the "America Party" truly incorporates Bitcoin into its core policies, it would mark the first time cryptocurrency has received such clear support on the mainstream political stage in the U.S., potentially having a profound impact on future monetary policy, financial regulation, and even the global digital asset landscape.

Musk also revealed that the "America Party" will initially focus on 2-3 Senate seats and 8-10 House districts, attempting to become a decisive force in Congress through these key positions. This "critical minority" strategy is starkly different from traditional parties' attempts to win a majority of seats, aiming to influence policy-making by playing a decisive role in key votes.

Musk's establishment of the "America Party" has quickly attracted attention and skepticism from high-level figures in American politics.

Trump's "absurd" claim: On July 7, President Trump stated that Musk's move to create a new political party in America is absurd and could exacerbate chaos. He believes that "establishing a third party will only increase confusion… He can have fun, but I think it's absurd." Trump also expressed on social media that he feels sad to see Musk "go off the rails" and hinted that Musk's involvement in the space industry, where NASA is a crucial part of his enterprises, is not suitable for management by someone very close to Musk.

Treasury Secretary Basant's advice: On July 6, U.S. Treasury Secretary Basant also stated that Elon Musk should focus on business rather than politics.

These remarks reflect the dissatisfaction and vigilance of traditional political forces regarding Musk's "disruption." The relationship between Trump and Musk has deteriorated due to disagreements over the "Beautiful Law," and Musk's formation of a new party undoubtedly further intensifies the conflict between the two.

Despite Musk's immense wealth, significant social influence, and strong mobilization ability on the X platform, the success of the "America Party" faces severe historical and institutional challenges.

Complex legal procedures: According to U.S. law, the establishment of a party eligible to participate in elections requires a complex certification process. First, a party caucus or convention must be convened to elect temporary officials and designate the party name. It is currently unclear whether Musk's "America Party" has initiated the relevant procedures.

"Winner-takes-all" electoral system: Newsweek commented that "establishing a successful third party in the U.S. is extremely difficult, even for someone as wealthy and influential as Musk." "History is not on his side." The U.S. "winner-takes-all" electoral system, strict ballot qualification laws, the Electoral College system, and the blockade of the national debate stage make it nearly impossible for any new party to make real progress.

Differences between political organization and online mobilization: Reports analyze that while Musk has demonstrated undeniable mobilization ability online, political organization is another matter. It requires ground action, coalition cooperation, and stable alliance relationships, which cannot be built solely through memes or live broadcasts.

Financial barriers: Even for the wealthy, establishing a new political party in the U.S. faces unique financial obstacles. The existence of federal campaign contribution limits means that even an extremely wealthy individual cannot establish a new national party through capital injection as one would when starting a business.

Historically, "third parties" in the U.S. have struggled to achieve political success. Businessman Ross Perot garnered nearly 19% of the popular vote in the 1992 election but failed to win a single electoral vote. The "Forward Party" founded by Asian-American entrepreneur Andrew Yang also struggled to gain traction.

If the difficulty of forming a new political party is too high, Musk can still exert significant influence through his super PAC. Such committees can accept unlimited funding from him, which can then support independent candidates who may find it easier to qualify for ballots. Lee Goodman, former chairman of the Federal Election Commission, stated that whether through personal independent expenditures or super PACs, this remains the most effective way for the wealthy to legally and practically participate in national politics.

Musk's establishment of the "America Party" and confirmation that it will embrace Bitcoin undoubtedly brings new variables to American politics and the cryptocurrency field. This is not only a challenge to the existing two-party system but also marks the first time Bitcoin, as a non-sovereign asset, has been so clearly associated with mainstream political forces in the U.S. However, whether the "America Party" can succeed will face the unique electoral system, complex legal procedures, and significant challenges inherent in political organization in the U.S. Regardless of the outcome, Musk's move will profoundly impact the American political landscape and may accelerate the evolution of Bitcoin's status in the global political and economic framework.

Related: Trump threatens to "expel" Musk: Tesla's stock price and the TRUMP meme coin both plummet, a clash between politics and the market.

Original article: “Musk Confirms 'America Party' Will Embrace Bitcoin (BTC): Can the New Party Challenge the Two-Party System?”

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