Elon Musk is now deeply involved in politics. On Sunday evening, Elon Musk, with his trademark humility, announced that his brand-new political party, named the America Party, intends to back Bitcoin. Why? Because fiat currency is “hopeless” in his view.

When a user on the X social media platform (formerly known as Twitter) asked whether his political brainchild would support Bitcoin, Musk responded with his usual flair: “Fiat is hopeless, so yes.”

It is common knowledge that fiat currency is money not backed by gold, chocolate, or even gasoline. Just paper that the government has solemnly declared to be “money.” Of course, the US leads the charge — the dollar is fiat too, albeit with global ambitions.

Musk’s announcement came just one day after he ceremoniously declared that the America Party had been founded. According to him, the goal is nothing short of shaking up the two-party system in the US and restoring “freedom” to the country. He wants to include such measures in his toolkit as cutting government spending, taming the deficit, and apparently teaching Washington the basics.

Against this backdrop, his latest verbal duel with Donald Trump looks particularly vivid. The president recently signed a government spending bill, which Musk described as a “disgusting abomination” with emotional overtones. Trump did not stay quiet, and — in his usual diplomatic manner — called Musk’s party “ridiculous” and Musk himself “off the rails.”

Incidentally, this is not Musk’s first attempt to turn his hand to government reform. He previously launched a project called the Department of Government Efficiency (DOGE — yes, like the dog-themed cryptocurrency), proposing ways to slash federal spending. After all, who better than a billionaire to teach the government how to save money?

So, while some print money, others launch parties and troll the economy on X. American voters, buckle up!