Elon Musk, the CEO of Tesla and SpaceX, has once again turned the spotlight on Bitcoin by endorsing its fundamental relationship with energy. In a post on X, Musk linked Bitcoin’s proof-of-work (PoW) consensus mechanism directly to genuine energy resources, framing it as a viable safeguard against the erosion of value in fiat currencies.
The endorsement marks his first direct support for Bitcoin since 2021, coinciding with rising concerns about the energy needed for artificial intelligence and the U.S. national debt, which has now reached $37 trillion.
Musk Rallies Behind Bitcoin
On October 14, 2025, a post from @zerohedge centered on the heavy energy needs of AI. In his comment, @zerohedge said:
“The money is not the problem: AI is the new global arms race, and capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it’s the ‘debasement’ to fund the AI arms race.”
Responding to the post, Musk pointed out that Bitcoin relies on a lot of computing energy. He compared the apex coin to fiat money, explaining that governments can easily create more money, which could lower its value. Musk said:
“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.”
The tech mogul made the statement after stepping back from Bitcoin because he was worried about the environmental impact of cryptocurrency mining. However, Tesla and SpaceX still own Bitcoin, showing that Musk believes in the potential of this cryptocurrency.
Bitcoin Gets More Backing
Musk’s endorsement comes at a time when Bitcoin is gaining considerable support from other influential figures in the financial realm. For instance, Strategy’s executive chairman, Michael Saylor, yesterday announced that his company had increased its Bitcoin holdings to a staggering $47.38 billion, citing the cryptocurrency’s potential as a hedge against inflation.
This backing is reflected in corporate holdings, which have grown sharply over the past year. A recent report shows that, as of August 2025, businesses held approximately 1.3 million BTC, up from 510,000 BTC in January 2024. The total value of these holdings exceeds $130 billion, while Bitcoin’s market capitalization has more than doubled to $2.24 trillion.
Meanwhile, despite a recent severe downturn in the crypto market, prompted by regulatory crackdowns in China, Bitcoin displayed remarkable resilience, stabilizing within the $110,000 to $112,000 range. The choice coin currently trades at over $111,000, up 2.8% in 24 hours, with a market cap of $2.23 trillion.
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