Tesla (TSLA) CEO Elon Musk has spoken out about Bitcoin for the first time in years, linking it to energy consumption and global AI spending. His comment comes as Bitcoin lost around 3% of its value over the course of 24 hours of trading. The broader crypto market fell below $4 trillion on October 14 after losing around $150 billion in value during the day.
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Musk wrote on His message responded to a discussion about the costs of developing AI and how governments could finance them by issuing a new currency. The post marks his most direct support for Bitcoin since Tesla sold about 75% of its holdings in 2022.
Energy View returns as AI spending rises
Musk’s new perspective is part of a broader conversation about energy and technology. As AI systems require increasing amounts of energy to train and function, investors have begun to look more closely at the links between energy and computing and finance. Bitcoin proponents, such as MicroStrategy (MSTR) President Michael Saylor, have long called the cryptocurrency “digital energy.”
Likewise, Musk now appears to view Bitcoin’s energy consumption as a strength rather than a flaw. It previously suspended Tesla’s Bitcoin payments in 2021 due to mining emissions. His latest comments suggest he now views Bitcoin’s energy demand as a form of evidence that ties it to real value.
Tesla’s Bitcoin holdings remain in focus
Tesla still holds around 11,509 Bitcoins, worth around $1.29 billion at current prices. The company reported a gain of $284 million from these holdings in the second quarter of 2025, which helped offset declining car sales during the same period.
Musk’s renewed public support could also bring more investor attention to Tesla’s crypto stance. Although market reaction has been limited this week, his statements often reignite interest in Bitcoin. For now, his commentary connects two major themes shaping markets today: the rising cost of AI and the ongoing debate over Bitcoin’s role in the global energy economy.
Is Tesla a Buy, Sell or Hold?
On the Street, Tesla is currently rated Hold, based on 37 analyst ratings issued over the past three months. The average price target for TSLA stock is $365.31, implying a downside of 14.89% from the current price.
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