Once again turning to archival speeches, I came across an important statement by Elon Musk that is regaining relevance today. In 2021, at The B Word conference, the entrepreneur gave a clear explanation of why bitcoin (BTC) remains invulnerable. And it's not about the limited supply, as many are accustomed to thinking, but about the very architecture of the network. Musk emphasized that bitcoin has "no throat that can be squeezed."
Decentralization as the main asset
In his speech, Musk called money "an information system for the distribution of labor" and harshly criticized traditional banking mechanisms. He pointed out that transfers between banks take from one to five business days, and the ACH payment system is outdated and insecure. He compared paying by card to handing a password to a stranger. Against this backdrop, bitcoin stands out not for transaction speed, but for its structure: the network has no single control center, no head office or director who can be pressured.
"Bitcoin primarily solves a problem. It has no 'throat' that can be 'squeezed,' it is decentralized, no one can be forced to empty their bitcoin account in any way," Musk stated in July 2021.
Indeed, the absence of a "point of failure" is a key advantage. No regulator or government can forcibly stop the network or freeze user assets without the consent of the majority of participants. This makes bitcoin resistant to external pressure, which is especially valuable in conditions of geopolitical instability.
Positions of Tesla and SpaceX: different tactics, one Hodl
Musk also acknowledged the shortcomings of the first cryptocurrency: "Transaction volume is low, fees are high, it's difficult to use, but the potential is enormous." However, his companies act differently. Tesla acquired BTC worth $1.5 billion in early 2021, but by mid-2022 had sold 75% of its position, netting $936 million. The remaining 11,509 BTC, purchased for $386 million, have remained untouched since 2022.
SpaceX chose a different path. The company has never touched its holdings: 18,712 BTC, acquired for $661 million, remain untouched. The market valuation fluctuated from $1.75 billion at the end of 2024 to $1.10 billion in June of this year. A recent test transfer of $88 sparked rumors of a sell-off, but public reporting showed only a paper loss of $539 million for the half-year — the holdings remain untouched. In total, both Musk companies own 30,221 BTC, which at the current price of around $78,500 amounts to approximately $2.37 billion.
My analysis: It is telling that even after volatility and criticism, Musk maintains long-term faith in bitcoin as "digital gold" with a unique structure. The difference in tactics between Tesla (partial profit-taking) and SpaceX (strategic hold) underscores that in corporate treasuries, BTC is perceived not as a speculative asset, but as a protective reserve. For the market, this is a signal: institutional confidence in bitcoin remains high despite its technological limitations.