In recent days, the crypto community has once again been actively discussing Elon Musk's speech, where he explained why he considers bitcoin invulnerable. This refers to his famous participation in The B Word conference in July 2021. At that time, Jack Dorsey and Cathie Wood took part in a panel discussion with him. Much has changed since then, but the entrepreneur's arguments remain relevant, and his companies remain major holders of the first cryptocurrency.
Musk's key thesis, which is now being cited again, is not limited issuance or halving. The main advantage of bitcoin, in his opinion, is the decentralized structure of the network. He emphasized: "Bitcoin has no 'throat' that can be squeezed". This means that the system has no single point of failure — no head office, no CEO, no regulator that can be pressured. The entire network cannot be intimidated or forced to stop, because it exists outside jurisdictions and corporate structures.
Musk also drew a parallel with traditional money, calling it an "information system for the distribution of labor." He criticized the banking system for being slow and vulnerable: transfers between banks take from one to five business days, and he called ACH outdated and unsafe. The entrepreneur compared paying by card to handing a password to a stranger. In this context, bitcoin, in his words, solves a fundamental problem — it is decentralized, and no one can force the owner to empty their wallet.
At the same time, Musk does not idealize cryptocurrency. He honestly acknowledged its shortcomings: low throughput, high fees, and difficulty of use. But the potential, in his assessment, is "enormous." And it is apparently this potential that guides his companies.
What Tesla and SpaceX ultimately did
The history of Musk's companies' relationship with bitcoin is full of twists. In early 2021, Tesla purchased BTC worth $1.5 billion, but already in May it refused to accept cryptocurrency for its cars, citing the environmental harm of mining. By mid-2022, the company sold 75% of its position, netting $936 million.
SpaceX chose a different strategy. According to documents, since 2024 the company has consistently held 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 this year. Despite rumors of a sell-off sparked by a test transfer of $88 in July, public reporting showed a paper loss of $539 million for the first half of the year — but the holdings were never touched.
Tesla still has 11,509 BTC on its balance sheet, purchased for $386 million, and they have not moved since 2022. In total, both of Musk's companies own 30,221 BTC, acquired for $1.05 billion. At the current price of around $78,500, that is approximately $2.37 billion.
My view: Musk's thesis about the "throat" is perhaps the most accurate description of bitcoin's resilience as a settlement network. However, it is important to understand: decentralization does not protect against volatility and regulatory risks for specific companies. SpaceX's strategy — holding the asset regardless of market conditions — looks more consistent than Tesla's flip-flopping. In the long term, it is precisely such institutional "diamond hands" that form the foundation for a mature market.