Led by Elon Musk, Tesla bought $1.5 billion worth of bitcoins in early 2021 and announced plans to accept BTC as payment for its products.
However, within a few months, Musk, proclaiming concern about the enormous amounts of energy needed to protect the bitcoin network, said that Tesla would no longer accept bitcoins as payment until he was satisfied that bitcoin was not contributing to climate change.
Since then, little has been heard from Musk about bitcoin, other than Tesla will dump 75% of its bitcoin stack by mid-2022, not far from the epic bottom of crypto winter.
In fact, Musk has apparently gone to great lengths not to be dragged into discussions about bitcoin, rejecting Cathie Wood during an online chat more than a year ago when she tried to bring up the topic, and keeping his distance from the Trump administration’s plans regarding the cryptocurrency.
Renewed interest?
Although that may have changed today. In the hours before dawn in the US, Musk took the time to respond to a Zerohedge X post that attempted to explain that gold, silver and bitcoin are at or near record levels.
“Money is not the problem: AI is the new global arms race, and capital spending will eventually be funded by governments (the United States and China),” ZH said. “If you want to know why gold, silver and bitcoin are rising, it’s ‘degradation’ to fund the AI ​​arms race… But you can’t print energy,” ZH concluded.
“That’s true,” Musk responded. “That’s why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has, but it’s impossible to fake energy.”
Whether this means Musk will fully recommit to Bitcoin remains to be seen, but the mercurial business leader appears to be paying attention to “downgrade trading.”
