Tesla CEO Elon Musk has reignited his interest in Bitcoin after nearly three years of silence on the asset. The billionaire entrepreneur highlighted the cryptocurrency's energy-backed framework as a shield against fiat currency debasement in a Tuesday post on X.
Musk responded to analyst Zerohedge's commentary linking precious metals and digital assets to government spending on artificial intelligence development. The Tesla chief emphasized that governments cannot fabricate energy like they print traditional currency, positioning Bitcoin as a superior store of value.
"You can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy," Musk stated. His remarks come as the global AI arms race intensifies between major economies, particularly the United States and China.
The comments mark Musk's first substantive Bitcoin discussion since November 2022. At that time, he predicted a prolonged downturn following the FTX exchange collapse, which eliminated $8.9 billion in investor funds and triggered widespread market weakness.
Tesla purchased $1.5 billion worth of Bitcoin in early 2021 but suspended vehicle payments citing environmental concerns just months later. The electric vehicle manufacturer sold 75 % of its holdings in mid‑2022 near market lows. The company has not reinstated cryptocurrency payments despite earlier pledges.
Musk previously stated Tesla would resume Bitcoin transactions once mining operations reached 50 % clean energy usage. Recent data from climate tech investors shows sustainable energy in Bitcoin mining has exceeded 55 %, surpassing the threshold Musk set years ago.
The renewed attention from one of technology's most influential figures suggests potential institutional interest may be returning. Whether Musk's engagement translates into concrete action from Tesla remains uncertain, though his commentary indicates active monitoring of cryptocurrency markets and their relationship to broader economic trends.