The question of Bitcoin's resilience to external pressure has once again come into focus. A resurfaced 2021 video of Elon Musk's speech at The B Word conference provides the key to understanding why the first cryptocurrency continues to exist despite any attempts at regulatory or corporate pressure. In that discussion, alongside Musk, Jack Dorsey and Cathie Wood participated, which in itself underscores the significance of the topic addressed.
The essence of the argument: the network has no "throat"
Musk then clearly articulated the main thesis: Bitcoin has no "throat" that can be "squeezed." This is not about the limited supply of 21 million coins, but about the architecture of the network itself. In the traditional financial system, there is always a point of failure—a central bank, a clearinghouse, or a specific government that can be pressured. In the case of Bitcoin, there is no such point. It is impossible to force all network participants to act against their will, impossible to compel anyone to empty their wallet or stop processing transactions.
This is a fundamental difference from the fiat system, which Musk criticized for being archaic. He compared bank transfers, taking one to five business days, to the outdated and insecure ACH system, and paying by card to handing over your password to a stranger. In this context, Bitcoin, despite its low throughput and high fees, represents not just a means of payment but, in Musk's words, an "information system for the distribution of labor," devoid of a single control center.
Practice vs. theory: what Tesla and SpaceX did
Interestingly, Musk's rhetoric did not always align with the actions of his companies. Tesla acquired $1.5 billion worth of BTC in early 2021, but by mid-2022 had sold 75% of its position, raising $936 million, citing concerns about mining's impact on the environment. Tesla's balance sheet now holds 11,509 BTC, purchased for $386 million. These coins have not moved since 2022, and the second-quarter report showed a $334 million decline in asset value over six months.
SpaceX chose a completely different tactic. The space company has not sold a single Bitcoin from its 18,712 BTC, acquired for $661 million. Since 2024, only their market valuation has changed in documents: $1.75 billion at the end of 2024 and $1.10 billion in June of this year. Even rumors of a sell-off after a test transfer of $88 and a "paper" loss of $539 million over six months did not prompt the company to touch its holdings. In total, both Musk companies hold 30,221 BTC, acquired for $1.05 billion, which at the current price of around $78,500 amounts to approximately $2.37 billion.
My analysis: It is telling that Musk's argument about decentralization did not prevent Tesla from acting like a classic investor, locking in profits and losses. Nevertheless, the very fact that SpaceX has held Bitcoin for years, ignoring volatility, is a stronger signal of confidence in the long-term thesis of Bitcoin as "digital gold." The absence of a "throat" is not just a philosophical concept but a practical guarantee that no regulator can devalue an asset held in self-custody. It is this property, not transaction speed, that makes Bitcoin truly invulnerable in the long run.