Entrepreneur, billionaire and Tesla CEO Elon Musk believes that Bitcoin is able to protect investors from the devaluation of fiat money.
Bitcoin «It’s based on energy: you can issue counterfeit fiat currency, and every government in history has done so, but you can’t counterfeit energy,» Musk wrote on social media.
The billionaire’s comment was a response to a post by popular analyst Zerohedge, who attributed the current rise in popularity of Bitcoin and precious metals to «humiliation» in order to fund a state-sponsored AI arms race between the world’s largest economies.
This comment marked Musk’s first major public statement on Bitcoin in nearly three years. He last spoke about the flagship cryptocurrency in November 2022, when he predicted a crypto winter shortly after the collapse of the FTX and Alameda exchanges.
«BTC will cope, but the winter could be long,» Musk wrote in his post on November 14, 2022.
Earlier, in May 2021, electric car manufacturer Tesla suspended accepting Bitcoin as payment for vehicles, citing environmental concerns. This led to a 6% drop in Bitcoin’s price in an hour, from $54,800 to $51,600.