Elon Musk vs. Bitcoin: The Billionaire’s Crypto Pivot You Didn’t See Coming
Musk’s Tesla dumped $1.5B in BTC—then quietly backed this dark horse altcoin. Here’s why it matters.
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The Bitcoin Backlash
When Tesla’s balance sheet bled $140M on BTC bets, Musk called mining ’dumb’—while his engineers were already rewriting the playbook.
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Enter the New Favorite
Dogecoin? Please. The real winner was a proof-of-stake token with 0.0001% of Bitcoin’s energy appetite. (Wall Street analysts missed it—too busy calculating their bonuses.)
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Why This Changes Everything
One tweet can still move markets, but the smart money’s watching where builders actually deploy capital. Hint: it’s not the ’digital gold’ boomers keep yapping about.
Elon Musk On Cardano, The Academic Blockchain
In 2021, when Musk called out Bitcoin, Cardano surged past its previous all-time high of $3.00, marking a significant milestone for the cryptocurrency. Now trading around $0.68, Cardano was once considered a slow-moving project, but its academic-first approach and focus on underdeveloped regions like Africa are now paying dividends.
Elon Musk, leading the Department of Government Efficiency, has shown interest in leveraging blockchain technology to enhance transparency and efficiency. Cardano’s scalability and energy efficiency make it a strong candidate for such initiatives.
BREAKING: Charles believes @elonmusk will be talking about #Cardano in the future
$ADA pic.twitter.com/0tDF2z2JvL
— Leader Alpha (@LeaderAlphaNews) February 19, 2025
Charles Hoskinson, Cardano’s founder, has expressed Optimism about this potential collaboration, stating that Cardano would be ready to support government operations if called upon.
The Most Successful Blockchain: Ethereum
Ethereum’s first-mover advantage over smart contracts allowed it to develop the most successful blockchain on the planet. While Bitcoin does one thing really well, albeit better than any other cryptocurrency, Ethereum tries to do 12 amazing things that Bitcoin can never dream of like DeFi, DAOS, and Proof of Stake.
Further, ETH founder Vitalik Buterin voiced his distaste for Bitcoin’s wasteful mining operations: “Bitcoin mining is a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue,” Buterin told IEEE Spectrum.
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As of now, Musk has not made any public statements regarding Ethereum in 2024 or 2025. While he has previously mentioned owning Ethereum alongside Bitcoin and Dogecoin, there have been no recent comments or endorsements from him about Ethereum.
Elon Musk: Bitcoin is Still a Strong Contender
In an interview with CNBC, Morgan Creek Digital Founder Anthony “Pomp” Pompliano made an excellent point: Pay attention to what people do, not what they say.
Elon Musk is long billions of dollars in Bitcoin. He isn’t selling, despite taking massive Bitcoin profits in 2021.
Pomp also tweeted that 75% of Bitcoin mining is done using renewable energy. Certainly, Bitcoin has made strides in becoming greener, but as the price of Bitcoin rises so does its energy expenditure.
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Key Takeaways
- Elon Musk has not changed his stance on Bitcoin. Since 2021, the Tesla CEO has maintained that the company would suspend car purchases using Bitcoin.
- Charles Hoskinson, Cardano’s founder, has expressed optimism about this potential collaboration.
- For now, the debate about cryptocurrency’s place in America’s financial future is just beginning.
