Elon Musk's Tesla made headlines in early 2021 by acquiring $1.5 billion in Bitcoin (BTC) and announcing plans to accept cryptocurrency payments. However, the company quickly reversed course months later when Musk expressed concerns about Bitcoin's energy consumption, suspending BTC payments until environmental issues were addressed.
Following Tesla's sale of 75% of its Bitcoin holdings during the 2022 crypto market downturn, Musk remained largely silent on Bitcoin matters. He avoided discussions with industry figures like Cathie Wood and maintained distance from government crypto initiatives.
Potential Shift in Stance
Recent developments suggest Musk's perspective might be evolving. The Tesla CEO responded to a Zerohedge analysis about record highs in gold, silver, and Bitcoin, agreeing with the premise that "money is not the problem" while emphasizing Bitcoin's energy-based foundation.
"True," Musk commented. "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."
This engagement has sparked speculation about Musk's renewed interest in Bitcoin amid current market conditions and the ongoing currency debasement discussion.