ELON Musk, founder of Tesla and SpaceX, stated that his early political movement, the US Party, will accept Bitcoin, and the traditional currency call is “no hope.”
The announcement, produced in Social Media Platform X, comes mainly as the administration’s fiscal policy intensifies between Musk and President Donald Trump.
MUSK’s plan to form “US Party” seems to have been promoted by strong opposition to President Trump’s large -scale tax and expenditure packages.
Musk criticized the law that the law was financially irresponsible at the time when the bill labeled the “Debt Slave Act.”
This disagreement has caused an irreversible break between two influential characters.
The American Party has not yet been officially registered and lacks official websites, while Musk briefly explained the core ideology using supporters’ posts and retweets.
He generally adopted a central policy on other issues and envisioned a party who advocated a speech and anti -regulatory agenda without a pro -tech, a pro -pro.
MUSK, a long -time supporter of Cryptocurrencies, where Companies SpaceX and Tesla have BTC (Bitcoin) (BTC) in the Treasury Department, see digital assets as the core of this new political vision.
Musk showed X that the party, which was officially established, would not immediately wield the presidential candidate.
Instead, the initial focus will focus on the competition of the house and the Senate’s race with the goal of building a political foothold from the beginning.
President Trump was not kind to Musk’s political maneuverability from his standpoint.
On Sunday evening, in the truth social posts in the United States, Trump reappeared, saying that musk was “out of the rail” and became “train shipwreck.”
The encryption market reacts to easing trade tension
During this political drama, the wider cryptocurrency market experienced a lift on Sunday morning.
Major cryptocurrency rose after the US Treasury Secretary Scott Bessent suggested the possibility of the end of trade transactions before the “Liberation Day” tariff deadline on July 9.
Bitcoin, a major cryptocurrency based on market value, accounted for more than 1%and exceeded $ 109,000.
According to Coindesk’s data, other major tokens have risen more than 2%of pay -centered XRP and Solana’s SOL tokens, while the popular Mime Token Dogecoin (Doge) has risen by 3%.
The second largest token in Ether Leeum’s ether (ETH) rose to 1.5%to $ 2,550.
The customs clock is ticking
In an interview with CNN, Bessent Treasury Minister said that the United States is close to finishing various trade transactions before the end of July 9.
This is expected to expire temporary suspension of high tariffs first announced on April 2.
“Trump said,” President Trump said he would send a letter to some trading partners and return to the tariff level on April 2.
He said July 9 remains the deadline for negotiations. If you do not reach a transaction, the high tariffs announced in early April will take effect on August 1.
Bessent told CNN, “If we say that this is happening, if you want to speed up, if you want to go back to the existing fare, that’s your choice.
This compulsory tactic, which imposes tariffs to reinforce trade relations and reduce US trade deficits, was the central pillar of President Donald Trump’s economic policy earlier this year.
