Overview

• Musk wrote that Bitcoin is based on energy and that energy cannot be faked, contrasting it with fiat that governments can issue at will.
• His comment came in response to X user zerohedge’s claim that governments are financing an AI arms race through money printing during a broader crypto downturn.
• Coverage underscores that Bitcoin’s proof-of-work requires significant electricity to secure the network and issue new coins, which supporters say underpins its authenticity.
• On-chain analytics cited by Benzinga report Tesla holds 11,509 BTC, with the company’s past stance on Bitcoin payments noted for its energy concerns.
• Reports highlight a continued shift by miners toward hydro, solar, and wind power to reduce the environmental impact of mining.