Bitcoin, the leading cryptocurrency, approached the $110,000 milestone earlier today after centibillionaire Elon Musk stated that it would be part of his newly formed "American Party."
Musk has stated that fiat money is hopeless, which is why he is embracing Bitcoin.
The Tesla CEO formed the new party after breaking with the Republican Party following his harsh criticism of the controversial tax and budget bill that is expected to substantially increase the ballooning deficit.
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Satoshi Action Fund CEO Dennis Porter described this as a "massive" development for the leading cryptocurrency.
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Bitcoin is already enjoying strong political support within the Republican Party, which is pushing for making the U.S. the crypto capital of the world.
Musk, a longtime Bitcoin holder, could further solidify a case for making Bitcoin a politically relevant issue.
Tesla, which originally bought BTC in 2021, remains in the top 10 of the largest corporate holders. However, Musk then sparked intense backlash within the Bitcoin community after Tesla dropped BTC as a payment option due to environmental concerns. Hence, some are now questioning whether Musk can actually be a reliable ally for the community.
As reported by U.Today, Musk also allegedly liked a post about him secretly buying Bitcoin as he kept venting his frustration with the controversial bill.
Dogecoin (DOGE), the meme cryptocurrency often touted by Musk, also rallied on the news. The token is up by nearly 6%, significantly outperforming other altcoins, according to CoinGecko data.
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