Tesla CEO Elon Musk has broken his radio silence on Bitcoin since his last mentioned in 2022, following the collapse of FTX. In a post on X, Musk praised Bitcoin’s energy-based design as a safeguard against the reckless money printing he believes will escalate amid the global artificial intelligence (AI) arms race.
Musk argued that Bitcoin’s proof-of-work model, powered by real energy expenditure, makes it fundamentally resistant to inflation — unlike fiat currencies, which governments can issue endlessly.
“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.”
His remark came in response to a post by market analyst Zerohedge, who linked the recent rallies in Bitcoin, gold, and silver to the “debasement” of national currencies used to fund AI development among global superpowers.
In essence, Musk appeared to agree that as nations pour trillions into competing for AI dominance, fiat money will lose value — and Bitcoin, grounded in energy rather than politics, could stand to gain.
This post marks Musk’s first meaningful Bitcoin comment in nearly three years. His last major statement came in November 2022, just after the FTX collapse, when he cautioned that while “BTC will make it,” the market could face a long and difficult recovery.
That period, later dubbed the “crypto winter,” saw Bitcoin plunge to around $16,000 and triggered widespread contagion across the industry. Musk’s renewed engagement now signals that his long-term conviction in Bitcoin remains strong, particularly in the face of what he views as global monetary instability.
While Musk’s social media influence often moves markets, Tesla’s actions speak louder. Despite the volatility and the regulatory headwinds of the past few years, Tesla has continued to hold a significant portion of the Bitcoin it purchased in early 2021 — one of the boldest corporate crypto bets in history.
The automaker has not resumed Bitcoin payments for its vehicles since halting them in May 2021 due to environmental concerns over mining’s reliance on fossil fuels. That announcement caused the price of Bitcoin to drop by 6% within an hour, dropping from $54,800 to roughly $51,600.
On June 13, 2021, Musk said that Tesla would restore its BTC transactions once it could confirm that Bitcoin mining network uses at least 50% of clean energy.
Since then, data from climate investor Daniel Batten and on-chain analyst Willy Woo suggest that Bitcoin mining’s renewable energy usage has surpassed 55% — its highest share to date. With the industry steadily decarbonizing, speculation is growing that Tesla could eventually revisit its stance on Bitcoin payments.
For now, Musk’s latest endorsement reaffirms his core belief: that Bitcoin, unlike traditional fiat currencies, is backed by something that can’t be manipulated or printed — energy itself.
As the AI arms race drives governments deeper into debt, his comment serves as both a warning and a reminder that in an era of monetary excess, Bitcoin’s fundamental design might make it the last honest currency standing.
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