Elon Musk has publicly stated that Bitcoin is a "true currency" fundamentally based on energy. This comment underscores his view that the intrinsic value of Bitcoin is tied to the energy required to produce and maintain it via proof-of-work mechanisms. He argues that this physical backing distinguishes it from fiat currencies, which are subject to legislative control and manipulation. Musk emphasized the resilience of energy as a resource, noting that "energy cannot be legislated." This perspective reinforces the narrative among Bitcoin proponents that the cryptocurrency's dependence on real-world energy consumption provides it with an objective value floor, unlike fiat money which relies on government decree. The comments have circulated widely, resonating with traders and media who view proof-of-work as a key differentiator for Bitcoin's long-term viability. [Update 1] Additional reports confirm Musk's statement specifically citing energy backing as the reason for Bitcoin's status as a true currency, reiterating the point that energy acts as a legislative shield.