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Founder of Tesla and SpaceX Elon Musk expressed support for Bitcoin against the backdrop of the recent cryptocurrency market crash, stating that the value of the first cryptocurrency is based not on investor trust but on energy consumption during mining. According to Elon Musk, the value of Bitcoin is based on the electricity costs used for mining. Each coin represents the result of computations plus physical energy, determining the scarcity and intrinsic value of Bitcoin. The Bitcoin network uses a proof-of-work consensus method (Proof-of-Work, PoW), which implies energy costs for creating each new block. The electricity consumption associated with BTC mining proves the scarcity of Bitcoin, the billionaire explained his thought. Bitcoin is fundamentally different from traditional fiat currencies, which can be manipulated by governments through inflationary policies. Unlike regular money, which can be printed in unlimited quantities by central banks, the supply of Bitcoin is limited to 21 million coins — thanks to a fixed issuance volume and an energy-intensive process of creation, Bitcoin is impervious to such manipulations, the businessman made clear. "Fake fiat money can be issued, every government has done it throughout history. But it is impossible to counterfeit energy," Elon Musk wrote on social media platform X. Earlier, Musk acknowledged that Bitcoin, like other digital assets, has its advantages; however, the entrepreneur himself does not plan to promote such cryptocurrencies. This year, Musk suggested transferring transactions of the U.S. Department of the Treasury to the blockchain to prevent abuse.