Musk: Bitcoin is based on energy and cannot be counterfeited

Tesla CEO Elon Musk stated on X that Bitcoin is based on energy. He noted that while governments throughout history have issued counterfeit fiat currency, energy itself cannot be faked. His remarks were in response to a post by the financial news aggregator ZeroHedge, which argued that artificial intelligence (AI) is a new global arms race that will prompt massive investment from the U.S. and China. The aggregator suggested that the resulting liquidity expansion explains the recent surge in gold, silver, and Bitcoin, adding that energy cannot be printed.