Elon Musk Breaks Silence on Bitcoin After a Long Pause

After maintaining a long silence on Bitcoin, Elon Musk has once again stirred the crypto community.

In a brief but telling exchange on X, the Tesla and SpaceX CEO agreed with a post suggesting that Bitcoin’s rise is tied to the global shift toward energy-driven value creation.

His words have revived speculation that Musk may be revisiting his earlier stance on the world’s largest cryptocurrency.

Moreover, the company also revealed plans to accept Bitcoin as payment for its electric vehicles. The announcement prompted a wave of enthusiasm across markets.

However, just months later, Musk abruptly suspended Bitcoin payments, citing concerns over the energy-intensive nature of Bitcoin mining. He argued that the network’s reliance on fossil fuels was at odds with Tesla’s clean energy mission.

Accordingly, Musk said the company would consider restoring Bitcoin payments only once a substantial shift toward renewable mining practices occurred.

This reversal sent shockwaves through the crypto market. It also marked the beginning of Musk’s gradual retreat from active involvement in Bitcoin discussions.

The 2022 Sell-Off and Period of Silence

By mid-2022, as the crypto market slid into what became known as the “crypto winter,” Tesla sold roughly 75% of its Bitcoin holdings. The company cited the need to strengthen its cash position amid uncertain economic conditions.

The timing of the sale, which occurred near Bitcoin’s cycle low, drew significant attention. Yet, Musk remained notably quiet, choosing not to elaborate on Tesla’s broader crypto strategy.

Furthermore, his public detachment from the topic continued well into 2023 and 2024. Even then, this was true when other technology leaders attempted to draw him back into the conversation.

A Single Word that Spoke Volumes

The post argued that these rallies were driven by currency debasement with global governments ramping up spending to fund what it called an AI “arms race” between the United States and China.

Musk replied with a simple “True,” expressing agreement. He went on to express a sentiment that strongly aligned with the views of Bitcoin supporters. In particular, he noted that while fiat currency can be artificially created, Bitcoin’s foundation in energy makes it inherently resistant to manipulation.

Tesla Still Holds Billions in Bitcoin

Despite the 2022 sell-off, Tesla remains one of the few major companies still holding a significant Bitcoin reserve. Data from Arkham Intelligence shows Tesla retains approximately 11,509 BTC, worth $1.27 billion at current market prices.

Notably, Musk’s recent comments don’t confirm any changes at Tesla, but they show he’s keeping a close eye on digital assets, particularly Bitcoin and Dogecoin.