Elon Musk’s poll on starting new party garners 64% votes

The U.S., home to most billionaires, is celebrating its 249th Independence Day on July 4, 2025.

But Elon Musk, the world's wealthiest man who once championed cryptocurrencies such as Bitcoin and Dogecoin, isn't satisfied with the two-party political system in the country.

Musk, who until recently supported President Donald Trump, asked on X this Fourth of July if the U.S. should create a new political party.

Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system!

Should we create the America Party?

— Elon Musk (@elonmusk) July 4, 2025

So far, nearly 64% of the respondents on the social media platform have voted in favor of creating a new party.

Musk referred to it as the "American Party." He explained:

"One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts. Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people."

While Trump pursued an aggressive pro-crypto policy, it's his flagship "big, beautiful bill" that pushed Musk away from him. The tech mogul's contention is that the bill would raise the debt ceiling by $5 trillion.

Join the discussion with David Bailey on Roundtable here.

The bill has drawn criticism not only from Musk but from other quarters too, such as Brian Armstrong, the billionaire CEO of the Coinbase (Nasdaq: COIN) crypto exchange.

If Congress doesn't lower the rising national debt, Bitcoin might become the world's reserve currency, Armstrong warned despite being a crypto entrepreneur.

The potential devaluation of the U.S. dollar is a concern that's on the mind of many of the bill's critics.

The president is expected to sign the big, beautiful bill into law on July 4.

The total crypto market cap stood at $3.33 billion at the time of writing, down 2.37% a day.