Tesla CEO Elon Musk has reversed his stance on Bitcoin. In a fresh post shared on social media platform X, Musk has shown his support behind Bitcoin, calling its energy-based foundation a key reason for its long-term value. The billionaire entrepreneur once criticised Bitcoin’s environmental impact now said its reliance on real-world energy is precisely what makes the cryptocurrency trustworthy. “Bitcoin is based on energy. It is impossible to fake energy,” Musk posted on X (formerly Twitter), signaling a renewed endorsement of the cryptocurrency.
Elon Musk’s latest comments mark a significant shift from his 2021 stance, when he suspended Bitcoin payments for Tesla vehicles over conversion about fossil fuel usage. At that time, the remarks made by the Tesla CEO triggered a sharp drop in Bitcoin’s price and the debates over crypto’s environmental footprint intensified.However, now Musk appears to be aligning with a growing narrative that Bitcoin’s proof-of-work model, while energy-intensive, offers a transparent and tamper-proof system that distinguishes it from fiat currencies and other digital assets.
An X user asked shared a post on the social media platform which reads, “They money is not the problem: AI is the new global arms race, and apex will eventually be funded by governments (US and China. If you want to know why gold/silver/bitcoin is soaring, it’s the ‘debasement’ to fund the AI arms race. But you can’t print energy.”Responding to the post, Musk said, “True. 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.”
Elon Musk’s post came in response to a broader discussion about government funding the AI arms race by printing money. Some argue that inflating the value of assets such as gold, silver and Bitcoin. By emphasizing Bitcoin’s energy cost, Musk is reinforcing the idea that its value is rooted in physical reality, unlike currencies that can be created at will.Musk’s endorsement comes at a time when Bitcoin is gaining renewed attention, particularly as former President Donald Trump now in his second term has voiced support for the cryptocurrency.
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