Elon Musk resumes mentioning Bitcoin… "Bitcoin is energy-based"

Elon Musk, CEO of Tesla, has resumed comments about Bitcoin (BTC). After remaining largely silent since Tesla sold a large portion of its holdings during the 2022 bear market, Musk's renewed reference to Bitcoin's value as an 'energy-based asset' has drawn market attention.

On the 14th (local time), CoinDesk reported that in the early hours Musk replied on his X(formerly Twitter) to a post by financial account ZeroHedge, saying, "Bitcoin is based on energy. Energy cannot be manipulated."

Earlier, ZeroHedge had argued that "an AI (artificial intelligence) arms race is the background for price increases in gold, silver, and Bitcoin, and the dilution of fiat currency values is accelerating this."

Tesla bought about $1.5 billion worth of Bitcoin in early 2021 and announced it would introduce BTC for vehicle payments, but in May of the same year Musk withdrew the payment acceptance policy, saying "the energy consumption of Bitcoin mining affects climate change." Afterwards, Tesla sold 75% of its total holdings in mid-2022 and was judged to have 'cut its losses' near the market bottom.

Since then, Musk has refrained from cryptocurrency-related remarks and even avoided answering Bitcoin-related questions from Cathie Wood, ARK Invest's CEO, last year. However, this remark is being interpreted as a sign that he still pays attention to Bitcoin's intrinsic value and the concept of an 'energy-based economy.'