Elon Musk named bitcoin's main weapon: why the network cannot be "squeezed"
In recent days, the crypto community has been returning to Elon Musk's landmark speech at The B Word conference in July 2021. Back then, the founder of Tesla and SpaceX articulated a key thesis about the fundamental resilience of Bitcoin. And it's not at all about the limited supply of 21 million coins, as is commonly believed. According to Musk, the true strength of the first cryptocurrency lies in its architecture: Bitcoin simply has no "throat" that can be squeezed.
Decentralization as the main asset
The billionaire approached the issue systematically. He called money "an information system for the distribution of labor" and harshly criticized traditional finance. Bank transfers, in his words, take from one to five business days, the ACH payment system is hopelessly outdated, and paying by card is, essentially, handing your password to a stranger. Against this backdrop, Bitcoin stands out not for settlement speed, but for a fundamentally different structure: the network has no central node, no issuing company, and no leader 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 in any way to empty their bitcoin account," Musk stated.
This is a fundamental difference from the fiat system, where regulators can block accounts, freeze assets, and compel banks to execute decisions. Bitcoin has no office, no CEO — only math and a network of voluntary participants.
The practice of Tesla and SpaceX: who holds, and who sells
At the same time, Musk himself acknowledges the asset's weaknesses: low network throughput, high fees, and difficulty of use for the average user. However, the potential, in his words, is enormous. The corporate history of both companies is also telling. Tesla bought BTC worth $1.5 billion in early 2021, but by mid-2022 had sold 75% of its position, netting $936 million. It retained 11,509 BTC, purchased for $386 million, which have not moved since 2022.
SpaceX chose a different strategy. The company has never sold its coins. Since 2024, its reports have shown 18,712 BTC, purchased for $661 million. Their market valuation fluctuated from $1.75 billion at the end of 2024 to $1.10 billion in June of this year. Even a test transfer of $88 in July sparked rumors of a sell-off, but public documents only showed a paper loss of $539 million for the half-year — the reserve remained untouched.
Collectively, Musk's two companies hold 30,221 BTC, purchased for $1.05 billion. At the current price of around $78,500, that is approximately $2.37 billion.
My comment: It is telling that even in bear market conditions, SpaceX did not succumb to panic. This is a signal of long-term confidence among institutional holders in Bitcoin's decentralized nature. However, it's worth remembering: network resilience is not a guarantee of price growth. Investors need to separate the technological value of an asset from its market volatility.