Elon Musk has recently endorsed Bitcoin by stating his plan to be part of his newly formed “American Party.” BTC price moved to $110,000 shortly after.
Bitcoin BTC $64 556 24h volatility: 4.6% Market cap: $1.29 T Vol. 24h: $56.35 B , the largest cryptocurrency by market capitalization, has registered some price gains following an endorsement from Tesla CEO Elon Musk. The coin has surpassed its previous level, eyeing the $110,000 resistance level, suggesting that the serial entrepreneur’s influence extends to the movement of certain digital assets, including Dogecoin DOGE $0.0926 24h volatility: 2.8% Market cap: $15.63 B Vol. 24h: $1.10 B .
Musk’s Journey With Bitcoin Adoption
Elon Musk had only announced that he would be actively involved in his newly formed “American Party.”
The said outfit was established after Musk broke away from the Republican Party, having strongly criticized the controversial tax and budget bill that is expected to increase the ballooning government debt substantially.
Taking to X, Satoshi Action Fund CEO Dennis Porter noted that Musk’s decision to join the party is a “massive” development, especially for Bitcoin. Musk made sure to say that he is embracing the leading crypto because fiat money is hopeless. As it stands, it is clear that BTC is gaining significant traction within the American political scene.
This is massive. Elon has officially declared that Bitcoin will be a part of the new party platform for @AmericaPartyX. pic.twitter.com/sJkJbVtvWB
— Dennis Porter (@Dennis_Porter_) July 7, 2025
Even the Republican Party is strongly advocating for the United States to become the global crypto capital. Before now, the Tesla boss and his companies owned some Bitcoin, but now he is making a case for the flagship cryptocurrency, citing its relevance in politics. For instance, Tesla first acquired BTC four years ago and then added it as a payment option at a point.
Today, the electric car manufacturer ranks amongst the top 10 largest corporate holders. Unfortunately, Musk later received backlash when Tesla decided no longer to accept the digital currency for payment of its merchandise. The company was concerned about the environmental issues that come with mining Bitcoin.
Judging by this past precedent, some members of the Bitcoin community are concerned about whether Elon Musk can be a reliable ally for the top coin. Their concerns are insufficient to stop Bitcoin from reacting to the posts made by Musk. At press time, Bitcoin price had recorded some fluctuations and was trading at $108,920.93, with a 0.84% increase over the last 24 hours.
Apart from his statement about joining the American Party, he allegedly liked a post about him secretly buying Bitcoin. All this came even as he continued to vent his frustration with the controversial bill.
Robert Kiyosaki Advocates for Bitcoin Adoption
On the one hand, Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ continues to advocate for BTC, regardless of its price fluctuations. He recently stated that he regretted not buying more Bitcoin earlier, when the crypto asset was valued at only $6,000. At the time he was making this statement, BTC had jumped to $107,000.
Kiyosaki said he is buying more Bitcoin even though the price has increased significantly from where it was when he first purchased it. The author is looking forward to a possible crash in the price of BTC, so he can buy more coins. Ultimately, this does not mean he would not buy BTC if the price rises.
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