Elon Musk calls fiat 'hopeless' but Tesla's balance sheet tells a different story originally appeared on TheStreet .
After his public feud with President Donald Trump , Tesla (Nasdaq: TSLA) CEO Elon Musk has decided to get further involved with politics.
Once, the tech tycoon supported Trump during the 2024 presidential campaign and even served as the de facto head of the Department of Government Efficiency (D.O.G.E.).
Now, he has decided to start a new political party, "America Party," and is claiming to offer an alternative to the two-party system in the U.S.
Musk, who earlier advocated for cryptocurrencies, has confirmed that the political party would embrace Bitcoin as "fiat is hopeless," as he claimed.
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Notably, Tesla holds 11,509 BTC worth more than $1.25 billion on its balance sheet, making it the eighth-largest public Bitcoin corporate treasury.
However, Bitcoin doesn't constitute a large part of the EV maker's account book.
Cash worth $36.9 billion still makes up the largest part of Tesla's balance sheet, as the company reported in its Q1 2025 earnings report on Apr. 22.
A popular crypto user on X, Cory Bates, asked why Tesla held $37 billion in cash if Musk believed fiat to be "hopeless."
Bates isn't the only one to question Tesla's reluctance to go all in on Bitcoin. An X user, @Web3Quant, asked Musk when the EV company will begin accepting Bitcoin payments.
In 2021, Tesla integrated Bitcoin payments for vehicle purchases for a few weeks but abandoned the policy over concerns around the negative environmental impact of Bitcoin mining.
Now that Musk has advocated Bitcoin again, questions are being raised as to how far the billionaire would go in his advocacy for the king coin.
Elon Musk calls fiat 'hopeless' but Tesla's balance sheet tells a different story first appeared on TheStreet on Jul 7, 2025
This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared.
