Elon Musk confirms his new "America Party" will back Bitcoin, citing a "hopeless" fiat system and a looming USD 37 trillion US debt "emergency." Key Takeaways:Elon Musk confirms his new “America Party” will support Bitcoin. He warns the $37 trillion debt could drive Bitcoin prices up. Q5: What is the “America Party” that Elon Musk is starting? A5: The “America Party” is Elon Musk’s newly launched centrist political party.