In recent days, the crypto community has once again turned to Elon Musk's speech at The B Word conference in July 2021. At the time, the head of Tesla and SpaceX articulated a key thesis that sounds especially relevant today: Bitcoin's resilience is determined not by its limited issuance, but by its decentralized architecture. According to Musk, the first cryptocurrency has no "throat" that can be squeezed, meaning it is impossible to exert targeted pressure on the system.
Decentralization as the Foundation
In that speech, Musk began with the philosophy of money, calling it an "information system for the distribution of labor." He criticized traditional banking infrastructure: transfers between banks take from one to five business days, and the ACH payment system, in his view, is outdated and insecure. The entrepreneur compared paying by card to handing your password to a stranger.
Musk sees Bitcoin's main advantage not in transaction speed, but in the absence of a central control point. "Bitcoin has no 'throat' that can be squeezed. It is decentralized, and no one can be forced to empty their wallet," he stated. Indeed, the network has no head office, no CEO who can be pressured.
The Practice of Tesla and SpaceX
However, Musk's rhetoric did not always align with the actions of his companies. In May 2021, Tesla refused to accept Bitcoin for its cars, citing the environmental harm of mining. At the same time, earlier that year, the company bought BTC worth $1.5 billion, and by mid-2022, it had sold 75% of its position, netting $936 million.
SpaceX, by contrast, chose a long-term holding strategy. Since 2024, company documents have listed 18,712 BTC purchased for $661 million. Their market valuation fluctuated: $1.75 billion at the end of 2024 and $1.10 billion in June of the current year. Despite rumors of a possible sell-off after a test transfer of $88, public reporting showed a paper loss of $539 million for the half-year, but no one touched the reserves.
Tesla's balance sheet still holds 11,509 BTC, acquired for $386 million. They have remained untouched since 2022. In total, both of Musk's companies own 30,221 BTC, purchased for $1.05 billion. At the current price of around $78,500, this amounts to approximately $2.37 billion.
My view: It is telling that even such an influential player as Musk cannot directly influence Bitcoin — his companies merely adapt to market conditions. This further confirms that BTC's value lies not in convenience, but in its independence from the will of individuals and corporations.