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Elon Musk said Tuesday that Bitcoin (CRYPTO: BTC) is based on energy and, unlike fiat currencies, governments cannot fake it and issue their own.
The Tesla and SpaceX CEO responded to an X post about governments funding the “artificial intelligence arms race” through money printing, which is driving gold, silver, and Bitcoin higher.
“But you can’t print energy,” the user, under the pseudonym zerohedge, said.
Musk agreed with the arguments, saying, “True. 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.”
Bitcoin mining is an energy-intensive process that requires large amounts of electricity to power computers and solve complex mathematical puzzles. It is through mining that the network is secured and new BTC enter the system.
While it’s unclear what Musk was referring to, the “energy” narrative is not new for the apex cryptocurrency.
Strategy Executive Chairman Michael Saylor deemed Bitcoin as “digital energy” last month, akin to fire, electricity, or oil, capable of transferring value across time and space for billions.
Musk’s electric vehicle juggernaut Tesla holds 11,509 BTC, worth $1.3 billion, according to on-chain analytics firm Arkham Intelligence. The firm previously accepted Bitcoin as a payment option for vehicles before ending the practice due to concerns about the energy consumption used in the mining process.
Earlier this year, Musk said that his newly floated “America Party” will embrace the apex cryptocurrency.
Price Action: At the time of writing, BTC was exchanging hands at $111,902.00, up 3.08% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Posted In: $BTC
