"The Tesla and SpaceX CEO broke a three-year quiet streak on bitcoin early Tuesday, commenting on an X post from financial outlet ZeroHedge that tied surging gold, silver, and Bitcoin prices to global monetary "debasement" driven by artificial intelligence spending. "True," Musk replied. "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 bitcoin mention drew immediate market attention on X, with traders seeing it as a potential sign of renewed interest from Musk, echoing bitcoin's narrative as "digital energy" or "digital gold." After the post, pro-Bitcoin Sen. Cynthia Lummis (R-Wyo.) praised Musk on X, saying a Strategic Bitcoin Reserve would secure U.S. debt with a scarce, auditable asset and could help retire a significant portion of it in the future."
"The Reserve, including the $14 billion in recently seized bitcoin, is to be held as a store of value and not sold. Elon Musk's rocky history with Bitcoin Tesla famously purchased $1.5 billion worth of Bitcoin in early 2021 and announced plans to accept BTC for vehicle payments. Back in 2021, Musk said, "I think Bitcoin is a good thing. I am a supporter of Bitcoin.""
Elon Musk replied to a ZeroHedge X post linking surging gold, silver, and Bitcoin prices to global monetary debasement driven by artificial intelligence spending, asserting that Bitcoin is based on energy and cannot be faked. Musk's comment ended a multi-year silence on bitcoin and drew immediate market attention, with traders viewing it as renewed interest and reinforcing narratives of bitcoin as digital energy or digital gold. Senator Cynthia Lummis praised the exchange and advocated a Strategic Bitcoin Reserve to secure U.S. debt. An Executive Order created a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, including $14 billion in seized bitcoin held as a store of value. Tesla previously purchased $1.5 billion in bitcoin and planned BTC vehicle payments.
Read at Bitcoin Magazine
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