Elon Musk returns to the topic of Bitcoin after almost three years of silence and, as usual, he does not mince his words. The CEO of Tesla, SpaceX and Portal X published a post on X on Tuesday in which he bluntly attacked traditional fiat currencies while praising BTC as real energy-based money.
Will governments devalue fiat currencies for artificial intelligence?
You can issue fake fiat currencies – every government in history has done so – but you can’t fake energy
– wrote Musk, explaining why Bitcoin is based on the proof-of-work mechanism. This is a direct response to a post by a Zerohedge analyst, who links the current increase in BTC, gold and silver prices to “currency devaluation to finance the government’s AI arms race.”
According to Zerohedge, AI has become the new global arms race, and capital spending will ultimately be financed by the US and Chinese governments. Musk clearly agrees with this vision, and his comment suggests that Bitcoin may be a safe haven from the inevitable money printing by central banks. Interestingly, this is Musk’s first major post about BTC since November 2022, when he predicted a “long winter” after the collapse of the FTX exchange. Then he was right because Bitcoin fell to 16,000. USD, losing USD 8.9 billion of investor funds. Today Bitcoin costs over 111,000. USD.
What about ecology? Elon Musk does not comment
What makes it even more interesting is the fact that Elon Musk still does not comment on the issue of the increasing sustainability of the Bitcoin network in terms of ecological mining, which he himself criticized for the excessive use of fossil fuels. In May 2021, Tesla suspended BTC payments for environmental reasons, which resulted in a 6% price drop – from PLN 54.8 thousand. up to 51.6 thousand USD within an hour.
Elon Musk promised to restore payments when mining uses at least 50% clean energy. For now – silence. Tesla still holds most of its BTC holdings, but there is no word about reactivating payments. On the other hand, the billionaire’s return to the topic of BTC may suggest his renewed activity in cryptocurrency topics on X. Will this lead to payments for Tesla cars being available again in BTC? Rather unlikely.
