‘Impossible to fake energy’: Elon Musk reverses stance, now backs Bitcoin — What he said
Elon Musk once again put the spotlight on Bitcoin, this time in a social media exchange emphasizing the cryptocurrency’s connection to energy. Responding to a post by X user ‘zerohedge’, who argued that soaring gold, silver, and Bitcoin prices reflect the “debasement” used to fund the AI arms race, Musk agreed, replying: “True.” He added his own insight: “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.”He added, “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.”Fiat money is a type of currency that has no intrinsic value and is designated as legal tender by government regulation. Unlike traditional currencies backed by physical commodities such as gold or silver, fiat money derives its value from the trust and creditworthiness of the issuing government. Its worth is determined by supply and demand, and it was introduced as an alternative to commodity money—which is made from precious metals like gold and silver—and representative money, which represents a claim on a commodity that can be redeemed.
Elon Musk- Supportive of Bitcoin, or not?
Musk’s comment reflects a long-standing theme in his view of Bitcoin—that its value is tied to real-world energy consumption, making it resistant to the pitfalls of fiat currencies. His relationship with crypto has been marked by significant corporate moves and cautious personal involvement. In 2021, Tesla added over $1.5 billion in Bitcoin to its balance sheet and briefly began accepting BTC payments for vehicles, only to pause in May citing environmental concerns linked to Bitcoin mining. Since then, Tesla has sold a portion of its holdings but still retains over 11,500 BTC, valued at more than $1.2 billion. Meanwhile, SpaceX reportedly holds around 8,285 BTC, worth roughly $895 million, hinting at Musk’s continued faith in Bitcoin despite market volatility, according to Economic Times.However, amid the mixed views on Bitcoin, the Tesla CEO has maintained a more playful approach to Dogecoin, calling it the “people’s crypto” and highlighting memes as part of its appeal. However, he has often avoided promoting other cryptocurrencies directly, signaling caution while quietly hinting at personal accumulation. In July 2025, for instance, he liked a tweet suggesting he might be “quietly stacking BTC,” reigniting speculation about his personal Bitcoin activities.
