Investing.com-- Elon Musk said late Sunday that his newly launched America Party will support Bitcoin , criticizing fiat currency as “hopeless,” as he sharpens criticism of the U.S. government’s fiscal policies amid growing rift with President Donald Trump.

“Fiat is hopeless, so yes,” Musk wrote on social platform X late Sunday, in response to a user asking whether his political movement would embrace Bitcoin.

Fiat (BIT: STLAM ) currency is government-issued money that is not backed by a physical commodity like gold. Its value comes from the government’s declaration that it must be accepted as legal tender. The U.S. dollar is a fiat currency.

The comment came a day after Musk formally announced the formation of the America Party, which he says aims to challenge the U.S. two-party system and restore “freedom” by reining in government waste and deficits.

The move comes amid an escalating feud with Trump, who recently signed a massive spending bill that Musk had harshly criticized as a “disgusting abomination.”

Trump responded on Sunday, calling the American Party initiative “ridiculous” and claiming Musk had “gone off the rails."

Musk previously headed a government efficiency initiative known as the Department of Government Efficiency (DOGE), focused on cutting federal spending.