Elon Musk’s endorsement of Bitcoin via his new ‘America Party’ aligns with his prior critique of fiat currency as a “scam,” a stance supported by a 2021 study from the National Bureau of Economic Research showing fiat systems’ vulnerability to inflation, potentially signaling a shift in U.S. financial policy.The timing of this announcement, coinciding with a Forbes report on July 6, 2025, about a $37 trillion U.S. debt emergency, suggests Musk’s move may exploit growing public distrust in traditional economics, a sentiment echoed by a 2023 Gallup poll indicating 43% of Americans view cryptocurrencies favorably.
