Elon Musk Gives Bitcoin A Boost, Says It Can’t Be Faked Like Fiat
Elon Musk has given Bitcoin a timely boost after it tumbled 10% in the past week, saying it cannot be faked like fiat money.
Responding to a post on X by financial news outlet ZeroHedge, the Tesla and SpaceX founder said Bitcoin’s energy-based system gives it an advantage over “fake fiat currency,” which governments can print to fund costly projects such as the global AI arms race.
”You can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy,” Musk said
He added that Bitcoin is the “proof of energy system,” suggesting its value comes from the real energy required to produce it, unlike fiat money that can be created at will.
Bitcoin Struggles
Despite Musk’s endorsement, the BTC price has slid over 2% in the last 24 hours as the market struggles to move on from the $19 billion liquidation on Friday after Donald Trump announced it would impose 100% additional tariffs on China.
Over the past 24 hours, the broader crypto market cap has also dropped over 2%.
Musk’s Companies Hold Bitcoin
Musk is no stranger to the crypto and digital asset space. His electric vehicle manufacturing company Tesla is one of the biggest corporate Bitcoin holders globally.
Data from Bitcoin Treasuries shows that Tesla holds 11,509 BTC on its balance sheet, ranking it as the eleventh-biggest Bitcoin treasury firm.
Top 15 biggest corporate Bitcoin holders (Source: Bitcoin Treasuries)
What’s more, his reusable rocket company SpaceX holds 8,285 BTC worth around $923 million on its balance sheet.
In addition to holding Bitcoin, Musk has often commented on the crypto on social media. In a June 1 X post, he compared the encryption behind X’s upcoming XChat platform to Bitcoin’s architecture. In the post, he said the new platform will feature “Bitcoin-style encryption.”
In 2022, Musk also said that he holds and has no plans to sell his holdings in Bitcoin, Ethereum, and Dogecoin.
Musk Earned The Nickname “DogeFather”
Musk has also commented on Dogecoin (DOGE) so frequently that it earned him the nickname “DogeFather” in the crypto community.
The first well-noted tweet from Musk regarding DOGE was back in April 2019, when he said that the meme coin might be his “fav” crypto, adding that he thought “it’s pretty cool.”
He also appeared on the skit comedy show Saturday Night Live in May 2021, where he poked fun at the meme coin. Later in the same year, he said that SpaceX “would put a literal Dogecoin on the moon.”
Most recently, Musk advised US President Donald Trump on how to reduce government spending via the unofficial Department of Government Efficiency (DOGE), whose acronym is the same as Dogecoin’s ticker symbol.
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