In recent days, the crypto community has once again been actively discussing Elon Musk's speech at The B Word conference in July 2021. In that monologue, the founder of Tesla and SpaceX articulated a key argument in favor of bitcoin's (BTC) resilience that remains relevant today. It is not about the oft-cited limited supply of 21 million coins, but about the fundamental architecture of the network.
Musk emphasized then: bitcoin has no "throat" that can be squeezed. In his understanding, this means there is no single point of failure—there is no headquarters, no CEO, no regulator that can be pressured to stop the entire system. This makes the network invulnerable to traditional methods of pressure, whether threats, lawsuits, or administrative sanctions.
Money as information and outdated banks
In his speech, the billionaire began with a philosophical definition of money, calling it an "information system for the allocation of labor." He then moved on to criticize traditional financial infrastructure. According to him, bank transfers take one to five business days, and the ACH payment system is hopelessly outdated and insecure. He compared paying by card to handing a password to a stranger—a nod to vulnerability and lack of control.
The main advantage of bitcoin, as Musk emphasized, is not the speed of settlement, but decentralization. In such a network, it is impossible to force participants to compromise their principles or compel anyone to empty their wallet. This property makes BTC not just an asset, but a full-fledged alternative financial system.
Tesla and SpaceX practice: who holds and who sells
Notably, Musk himself has repeatedly changed his position. In May 2021, Tesla refused to accept bitcoins for its electric vehicles, citing the environmental harm of mining. However, this did not stop the company from earlier, in early 2021, investing $1.5 billion in BTC. By mid-2022, Tesla had sold 75% of its position, netting $936 million.
SpaceX chose a completely different strategy. According to reports, since 2024 the company has held 18,712 BTC on its balance sheet, purchased for $661 million. The market valuation of these assets fluctuated from $1.75 billion at the end of 2024 to $1.10 billion in June of this year, but not a single coin was sold. Even the test transfer of $88 in July, which sparked rumors of a sell-off, did not confirm any intention to offload the stash.
As of today, both Musk companies control 30,221 BTC, purchased for a total of $1.05 billion. At the current price of around $78,500, this is equivalent to approximately $2.37 billion. Tesla has retained 11,509 BTC, which have not moved since 2022.
My view: It is telling that even amid bearish sentiment and paper losses, SpaceX has not touched its coins. This is a signal of long-term confidence in bitcoin's value as an institutional asset, not a speculative tool. The argument about the absence of a "throat" remains the strongest in BTC's defense, especially amid tightening regulation across various jurisdictions.