Following Musk's confirmation of "America Party" embracing Bitcoin, the cryptocurrency jumped from $108,735.07 to as high as $109,627.25. As per Kraken, Bitcoin was trading at $109,158.81 at press time. Elon Musk 's newly launched "America Party" will embrace Bitcoin, the billionaire tech mogul confirmed.

The billionaire, in another escalating feud with Trump, suggests that crypto could be part of his plan to disrupt American politics.

The America Party has yet to hold a formative congress or issue a specific platform. Little is known about the party’s stance, beyond Musk’s vague comments of a preference for centrism, deregulation, reduction of government spending and support for Bitcoin ( BTC ).