Tesla and SpaceX CEO reiterated in an interview aired Sunday that Bitcoin (CRYPTO: BTC) is based on energy, categorizing it among “fundamental” currencies.
Bitcoin Is Physics-Based?
Speaking to Indian entrepreneur Nikhil Kamath, Musk discussed what he thought were “physics-based” fundamental currencies.
“Energy is the true currency. This is why I said Bitcoin is based on energy,” the technology mogul said.
Musk argued that energy can’t be legislated, adding, “You can’t just pass a law and suddenly have a lot of energy. It’s very difficult to generate energy, or especially to harness energy in a useful way to do useful work.”
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Governments Cannot Fake Energy, Said Musk
Musk repeated the arguments he had made earlier in the year. In October, he said that Bitcoin is based on energy, and unlike fiat currencies, governments cannot “fake” it and issue their own.
It’s worth noting that Bitcoin mining requires a huge load of electricity to power computers and solve complex mathematical puzzles. It is through mining that the network is secured and new BTC enter the system.
DOGE Was ‘Common Sense’
Musk also talked about his Department of Government Efficiency, or DOGE, initiative, calling it an “interesting side quest” that gave him insight into the “inner workings” of government.
“So a bunch of things that DOGE did were just very common sense, things that would be normal for any organisation that cared about financial responsibility,” he said.
Musk also said that the department continues to function, adding, “It’s still going on, by the way. DOGE is still happening.”
The DOGE department dismissed news of its disbandment as "fake" last week, declaring that it would be back soon with "regularly scheduled" updates.
DOGE's website shows roughly $214 billion in savings, with the last update on Oct. 4. Reports emerged suggesting the numbers were inflated by counting maximum possible contract values and not actual spending reductions.
DOGE is pseudonymous with meme cryptocurrency Dogecoin (CRYPTO: DOGE). The coin gained significant momentum after President Donald Trump's victory and the subsequent announcement of the DOGE initiative.
Price Action: At the time of writing, BTC was exchanging hands at $86,563.48, down 4.75% over the last 24 hours, according to data from Benzinga Pro. Dogecoin traded down 6.88% at $0.1381 at last check.
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