Elon Musk Calls Bitcoin ‘Energy Money,’ Says It’s Impossible to Fake Unlike Fiat – New ATH Coming?

Core Viewpoint - Elon Musk has resumed his advocacy for Bitcoin, labeling it as "energy money" that cannot be faked, contrasting it with fiat currency which can be easily debased by governments [1][2]. Group 1: Bitcoin Advocacy - Musk's recent comments have led to a significant rebound in Bitcoin's price, rising to approximately $112,000 after hitting a low of $102,000 during a liquidation event that erased over $19 billion in leveraged positions [3]. - This endorsement represents Musk's most robust pro-Bitcoin stance since Tesla's $1.5 billion investment in Bitcoin in 2021 [3]. - Musk's history with Bitcoin has been marked by volatility, including a 10% price surge when he added "bitcoin" to his Twitter bio in January 2021 and a subsequent 12% decline after reversing Tesla's decision to accept Bitcoin due to environmental concerns [4]. Group 2: Financial Impact and Holdings - Tesla sold 75% of its Bitcoin holdings in Q2 2022 for $936 million, retaining only $184 million worth [4]. - SpaceX reportedly wrote down $373 million in Bitcoin holdings between 2021 and 2022, yet still holds 6,977 BTC valued at approximately $818 million [5]. Group 3: AI and Energy Concerns - Musk's endorsement of Bitcoin is linked to concerns over currency debasement driven by the funding needs for AI infrastructure expansion [7]. - The U.S. Department of Energy forecasts that data centers could consume between 325 and 580 terawatt-hours annually by 2028, which is equivalent to powering 30-50 million homes [7]. - To meet the projected energy demands of AI, it is estimated that 40-70 new nuclear reactors would be required by 2028, each generating around 8,000 gigawatt-hours (GWh) of energy yearly [7].