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Elon Musk is touting Bitcoin as an energy-based system that counters constant debasement from traditional currencies like the US dollar.
In a new post on X, Musk responds to a discussion on AI’s energy demands and currency debasement, saying,
“That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”
Musk’s comment highlights Bitcoin’s proof-of-work mechanism, which relies on computational energy to secure the network and mint new coins.
Bitcoin’s code also caps the total supply of coins at 21 million, making it inflation-resistant compared to fiat money, which governments can print at will
Musk has a long history with Bitcoin, crypto and memecoins, and his new post aligns with views that Bitcoin acts as a hedge against flaws within traditional currencies.
Two of Musk’s companies, SpaceX and Tesla, have both allocation portions of their reserves to $BTC.
Although the exact SpaceX allocation is unknown, Tesla is holding approximately 10,500 $BTC worth around $1.18 billion at time of publishing.
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