Elon Musk’s new America Party has formally adopted Bitcoin (BTC) as a fundamental financial asset. Musk’s move to adopt Dogecoin comes on the heels of his growing disappointment with fiat currencies, one of which he recently described as “hopeless.” This decision is a step forward in the fluctuating landscape of cryptocurrency and politics. It can radically redefine our political coalitions and economic playbook.

The America Party, apparently, is Musk’s new political party. It seeks to radically change the terms of an economic policy and governance debate by embracing Bitcoin. Musk's criticism of fiat currency reflects a broader skepticism toward the current economic system and an advocacy for digital assets.

Musk’s position was given even more currency after a dramatic split with Donald Trump over the administration’s support for a hard-right immigration bill. This rift led to the creation of the America Party. Significant, too, was the break it signified with Musk’s erstwhile, GOP-inclined political inclinations — Musk having previously funneled millions of dollars to Trump.

By making America Party’s financial system run on top of Bitcoin, Musk is onboarding us all onto Bitcoin. He is championing a technological solution and connecting technology and governance. Such alignment would help to bring cryptocurrencies into the global mainstream faster while attracting a greater volume of institutional investment.

The adoption of Bitcoin by the America Party reflects a broader trend of digital assets gaining traction in political and economic discourse. Musk’s participation would do even more to legitimize cryptocurrencies, bringing the world one step closer to them being used for everyday transactions.

That unintended consequence is set to dramatically reshape political coalitions and economic development plans in the coming years. By aligning a political party with Bitcoin, Musk is setting a precedent that could influence other political entities to explore digital assets.