Tesla (TSLA) Chief Executive Officer Elon Musk spoke about Bitcoin for the first time in years, linking it to energy use and global spending on AI. His comment came as Bitcoin lost about 3% of its value in 24-hour trading. The broader crypto market slipped below $4 trillion on October 14 after losing roughly $150 billion in value during the day.
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Musk wrote on X that “Bitcoin is based on energy,” adding that while governments can print new money, “it is impossible to fake energy.” His post came in reply to a discussion about AI development costs and how governments may fund them by issuing new currency. The message marks his most direct Bitcoin support since Tesla sold about 75% of its holdings in 2022.
Energy View Returns as AI Spending Grows
Musk’s new view fits into a wider conversation about energy and technology. As AI systems need rising amounts of power to train and operate, investors have started to look more closely at how energy links to both computing and finance. Bitcoin supporters such as MicroStrategy (MSTR) Chair Michael Saylor have long called the cryptocurrency “digital energy.”
Likewise, Musk now seems to view Bitcoin’s energy use as a strength rather than a flaw. He previously paused Tesla’s Bitcoin payments in 2021 over mining emissions. His latest comments suggest that he now sees Bitcoin’s power demand as a form of proof that ties it to real-world value.
Tesla’s Bitcoin Holdings Stay in Focus
Tesla still holds about 11,509 Bitcoin, worth roughly $1.29 billion at current prices. The company reported a $284 million gain from these holdings in the second quarter of 2025, which helped offset weaker car sales during the same period.
Musk’s renewed public support may also draw more investor attention to Tesla’s crypto position. Although the market reaction was limited this week, his statements often reignite interest in Bitcoin. For now, his comment connects two major themes shaping markets today: the growing cost of AI and the continuing debate over Bitcoin’s role in the global energy economy.
Is Tesla a Buy, Sell, or Hold?
On the Street, Tesla is currently rated a Hold, based on 37 analyst ratings issued over the past three months. The average price target for TSLA stock is $365.31, implying a 14.89% downside from the current price.
