Billionaire Elon Musk mentioned Bitcoin for the first time after many years, praising its true energy basis. The endorsement comes at a crucial time when the crypto market faces renewed major crash concerns. Traders respond immediately to Musk’s Bitcoin endorsement, causing a rebound in BTC price.
Elon Musk Mentions Bitcoin After Many Years
On October 14, Elon Musk said, “Bitcoin is based on energy: You can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”
The statement comes in response to zerohedge’s X post on rising gold, silver, and Bitcoin prices amid the “debasement trade” to fund the AI arms race. He claimed the world is in an AI global arms race, with capital expenditure that will eventually be funded by governments such as the U.S. and China.
Musk has continued to raise concerns about the US government printing money out of thin air, saying the government has “magic money computers.” He has issued several dire warnings over the spiralling $37 trillion US national debt.
Nevertheless, the pro-Bitcoin rhetoric marks a notable return from criticizing BTC’s energy consumption. Musk has mostly focused on Dogecoin, even hinting at integrating DOGE into X Money. He is even planning to launch a pro-Bitcoin US political party.
BTC Price Saw Cautious Rebound
Elon Musk’s Bitcoin endorsement triggered a slight rebound in BTC price, currently trading at $112,011. The 24-hour low and high are $111,569 and $116,020, respectively.
Furthermore, the trading volume has decreased by 18% in the last 24 hours. This indicates a decline in interest among traders ahead of FED Chair Jerome Powell’s speech today.
The derivatives market showed buying in the last few hours, as per CoinGlass data. At the time of writing, the total BTC futures open interest jumped 0.1% to $72.98 in an hour. The BTC open interest was still down 1.30% in the last 4 hours and nearly 3.50% in the past 24 hours.
Source: https://coingape.com/elon-musk-endorses-bitcoin-again-after-years-crypto-bloodbath/
