Crypto news

The question of Bitcoin's resilience has once again come into focus after an old speech by Elon Musk resurfaced online. Back in 2021, the head of Tesla and SpaceX articulated a key thesis: BTC's main protection lies not in its limited supply, but in the very architecture of the network. According to him, Bitcoin has "no throat that can be squeezed."

This statement was made during The B Word conference, where Musk was joined by Jack Dorsey and Cathie Wood. The billionaire began with the philosophy of money, calling it "an information system for the allocation of labor." He sharply criticized traditional finance: bank transfers take up to five business days, and the ACH system is outdated and insecure. He compared paying by card to handing your password to a stranger.

Decentralization as the Main Asset

Musk emphasized that Bitcoin's value lies not in transaction speed, but in the absence of a single point of failure. The network has no leadership, no headquarters, no regulator that can be pressured. "Bitcoin primarily solves a problem. It has no 'throat' that can be squeezed, it is decentralized, and no one can be forced to empty their Bitcoin account," the entrepreneur stated.

This is a fundamental difference from the fiat system, where a bank or government can block an account or freeze assets. In the case of BTC, such pressure is impossible—the network exists outside jurisdictions and does not bow to the will of individual players.

What Tesla and SpaceX Ultimately Did

At the same time, Musk acknowledged the weaknesses: "Transaction volume is low, fees are high, it's difficult to use, but the potential is enormous." His position changed multiple times. Two months before the speech, Tesla refused to accept Bitcoin for its cars, citing the environmental harm of mining. Earlier, in early 2021, the company bought BTC worth $1.5 billion, but by mid-2022 it had sold 75% of its position, netting $936 million.

SpaceX chose a different strategy. Since 2024, the company's documents have listed 18,712 BTC purchased for $661 million. Their market valuation has fluctuated: $1.75 billion at the end of 2024 and $1.10 billion in June of this year. Despite rumors of a sell-off after a test transfer of $88 in July, public reporting showed only a paper loss of $539 million for the half-year—the holdings were left untouched.

Tesla still holds 11,509 BTC on its balance sheet, acquired for $386 million and untouched since 2022. Together, Musk's two companies own 30,221 BTC, purchased for $1.05 billion. At the current price of around $78,500, that amounts to approximately $2.37 billion.

My analysis: It is telling that even amid significant market fluctuations, both of Musk's companies have maintained their positions. This confirms his thesis of long-term confidence in the network, rather than in short-term price. In a world where regulators are increasing pressure on the crypto industry, the argument about BTC's "invulnerability" is becoming not just theoretical—it is being confirmed by the actions of the largest corporate holders.