Elon Musk Gushes About Bitcoin 'Energy' Demands—Years After Environmental Gripes
Elon Musk recently expressed support for Bitcoin’s energy-based system, indicating a shift from his 2021 criticism of its energy consumption. He agreed with commentary linking surging commodity prices to a “debasement” trade, where investors seek hedges like Bitcoin against weakening fiat currencies, which can be easily inflated by governments. Musk emphasized that unlike fiat currency, Bitcoin’s issuance requires real energy expenditure, echoing arguments from the Bitcoin community. His stance contrasts with earlier comments—in 2014, he acknowledged Bitcoin’s likely use in illegal transactions but didn’t own any. In 2021, Tesla began accepting Bitcoin payments but halted due to environmental concerns over mining practices, resuming only if 50% of mining used clean energy. Tesla has held Bitcoin since 2021, peaking at 43,200 BTC but later selling most due to “Bitcoin impairment” and currently retains about 11,509 BTC, valued at $1.28 billion.
