Musk declares that energy is the "true coin" as his net worth approaches 750 billion dollars

Source: Yellow Original Title: Musk declares that energy is the “true currency” as his net worth approaches $750 billion

Original Link: Tesla and SpaceX CEO Elon Musk reaffirmed his support for Bitcoin's energy-based design as his personal wealth approached $750 billion.

Musk described energy as “the real currency” during an appearance on a podcast in December.

The billionaire responded to comments about artificial intelligence as an “infinite money glitch” emphasizing the fundamental role of energy in economic systems.

His net worth reached approximately $749 billion, according to Forbes, after a ruling by the Delaware Supreme Court that reinstated his Tesla compensation package.

What happened

Musk addressed the relationship between cryptocurrencies and energy during an interview with Indian entrepreneur Nikhil Kamath earlier this month.

“Energy is the true currency,” Musk said.

“That's why I said that Bitcoin is based on energy.”

He argued that governments can print money, but they cannot legislate energy production.

The founder of Tesla emphasized that Bitcoin's proof of work system ties the creation of cryptocurrencies to real-world energy expenditure.

“You can't just pass a law and suddenly have a lot of energy,” Musk said.

Guillaume Verdon, founder of the AI startup Extropic, stated that AI represents “an infinite money flaw” when viewed as expected free energy.

Musk responded by reinforcing his position on energy as a fundamental economic unit.

The exchange sparked a renewed debate among Bitcoin supporters about the cryptocurrency's energy consumption.

Bitcoin mining requires a considerable amount of electricity to power the computers that secure the network and validate transactions.

Critics have long pointed to energy use as a weakness.

Musk framed it as a fortress that prevents manipulation.

Why it is important

Musk's comments mark a shift from his stance in 2021, when Tesla suspended Bitcoin payments due to environmental concerns.

Since then, the cryptocurrency mining industry has increased the use of renewable energy.

A report from the Cambridge Centre for Alternative Finance confirmed that Bitcoin mining surpassed the threshold of 50% sustainable energy by 2025.

Musk's renewed public support carries weight, given his influence in the technology and financial sectors.

His companies Tesla and SpaceX have a combined market capitalization of over one trillion dollars.

The Delaware court's decision to restore Tesla's $139 billion compensation package boosted its net worth to record levels.

Forbes estimates that it now controls wealth equivalent to the gross domestic product of Switzerland.

Musk previously bought $1.5 billion in Bitcoin for Tesla in 2021 before reversing the decision weeks later.

His most recent statements suggest a philosophical alignment with the energy-intensive security model of Bitcoin.

The billionaire has consistently advocated for Dogecoin while maintaining a cautious support for Bitcoin.

Your comments from December represent the strongest support for the fundamental design of Bitcoin since the pivot of 2021.