Elon Musk's Political Ambitions: A Game Changer for Bitcoin and Dogecoin?

by Crypto Hobby

Updated July 02, 2025

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Elon Musk has threatened to form a new political party, the "America Party," if a controversial "big beautiful bill" proposed by Donald Trump passes. Musk argues the bill, which he claims would increase the US debt ceiling by $5 trillion, is fiscally irresponsible and negates his previous efforts to curb government spending. This potential political move has sparked speculation about its impact on the cryptocurrency market, particularly Bitcoin and Dogecoin.

Musk's Political Stance and the "Porky Pig Party"

Elon Musk has voiced strong opposition to Donald Trump's proposed "big beautiful bill," primarily due to its projected $5 trillion increase in the US debt ceiling. Musk, who previously headed the Department of Government Efficiency (DOGE) under Trump to counter excessive spending, views this bill as a direct contradiction to those efforts. He took to X (formerly Twitter) to express his dismay, labeling the current political landscape a "Porky Pig Party" and advocating for a new political entity that genuinely serves the people.

Musk's criticism centers on the bill's potential to significantly inflate the national debt.
He believes the bill undermines the purpose of a debt ceiling.
Musk's proposed "America Party" aims to offer an alternative to the existing two-party system.

Cryptocurrency Market Implications

The prospect of Elon Musk entering the political arena has generated considerable interest within the cryptocurrency community, given his past influence on digital assets like Dogecoin. ChatGPT, an AI model, has offered predictions on how Bitcoin and Dogecoin might react to Musk's political involvement.

Dogecoin (DOGE) Price Predictions:

Short-term: A potential surge to $0.25.
Mid-term: Could reach $0.30, fueled by renewed speculation of Musk-DOGE integration.
Bullish Scenario: If Musk fully commits to politics, Dogecoin could climb to $0.60.

Bitcoin (BTC) Price Predictions:

Bitcoin's performance is largely contingent on Musk's potential to introduce BTC-friendly policies.
If Musk's political actions favor Bitcoin's prosperity, the cryptocurrency could potentially reach $130,000.

These predictions highlight the significant influence a figure like Elon Musk can wield over the volatile cryptocurrency market, with his political endeavors potentially creating new avenues for growth for both Bitcoin and Dogecoin.