Elon Musk Hails Bitcoin As Energy-Based Alternative to ‘Fake’ Fiat Currencies
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.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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