Tesla CEO Elon Musk has publicly reaffirmed his perception in bitcoin as a singular, energy-backed financial system, breaking a protracted interval of silence on the subject.
Musk explains bitcoin’s vitality foundation
Throughout a current podcast look, Musk referred to bitcoin as a “basic physics-based forex,” emphasizing its grounding in real-world vitality expenditure. He said:
“Power is the true forex. For this reason I mentioned Bitcoin relies on vitality. You may’t legislate vitality. You may’t simply, … move a legislation and abruptly have loads of vitality.”
Musk highlighted the issue of producing and harnessing vitality, drawing a parallel to bitcoin’s proof-of-work consensus mechanism, which requires vital computational effort and electrical energy.
Kardashev scale and civilizational progress
Elon Musk additionally invoked the Kardashev scale—a technique of measuring a civilization’s vitality consumption—as a framework for understanding progress.
He prompt that societies ought to be evaluated based mostly on their capability to make the most of and management vitality, an thought mirrored in bitcoin’s design.
The top of cash?
Wanting forward, Musk proposed that advances in synthetic intelligence and robotics may ultimately get rid of the necessity for cash as a medium of change. He mentioned:
“However, in a future, the place anybody can have something, I believe that you just not want cash as a database for labor allocation.”
Musk cited Iain M. Banks’ Tradition collection as an inspiration, envisioning a post-scarcity world run by super-intelligent machines the place cash turns into irrelevant.