A resurfaced clip from July 2021 shows Elon Musk discussing the core properties of Bitcoin (BTC) during The B Word conference, where he appeared alongside Jack Dorsey and Cathie Wood.
Redefining Money and the Threat of Coercion
During the 2021 conference, Musk described money as an information system for allocating labor and criticized traditional financial infrastructure, noting that bank settlements take multiple days and credit card payments function similarly to sharing passwords with strangers.
Musk argued that Bitcoin's primary advantage was not transaction speed, but its decentralized structure. He famously stated that Bitcoin has "no throat to choke," meaning there is no central headquarters to raid, no chief executive to pressure, and no single party that can be coerced into emptying accounts within the system.
At the same time, Musk acknowledged practical limitations, stating that transaction volume was low, transaction costs were high, and everyday usability required improvement.
How Tesla and SpaceX Managed Their Holdings
Filings and financial reports illustrate how Musk's companies subsequently handled their Bitcoin treasuries.
Tesla initially purchased $1.50 billion of Bitcoin in early 2021. However, by mid-2022, regulatory filings showed the company had converted approximately 75% of that position into cash, generating $936 million in sales. Tesla's remaining 11,509 BTC, which had a cost basis of $386 million, has remained untouched since 2022.
In contrast, financial disclosures indicate that SpaceX took a different approach and has not moved any of its disclosed Bitcoin holdings. Regulatory filings since 2024 have consistently listed 18,712 BTC with a cost basis of $661 million, with valuation fluctuations reflecting market conditions.
Together, Tesla and SpaceX hold a combined 30,221 BTC with an estimated cost basis of roughly $1.05 billion. While Bitcoin's decentralized architecture ensures that no external entity can force the companies to surrender their assets, corporate choices—such as Tesla's 2022 sale—demonstrate that internal decisions remain a factor independent of the ledger.
