In a rare but revealing comment on cryptocurrency, Elon Musk—the visionary behind Tesla and SpaceX—called Bitcoin “very good,” signaling a quiet but powerful endorsement from one of the world’s most influential tech leaders.
“Paper money is going away. Cryptocurrency is a far better way to transfer value than paper, that’s for sure. Of course, it has its pros and cons.”
Appearing on the ARK Invest podcast, Musk didn’t stop at Bitcoin. He also acknowledged Ethereum, noting, “It seems like Ethereum has some merits too.”
Despite his clear admiration for digital assets, Musk emphasized that Tesla won’t be diving headfirst into the crypto space anytime soon.
“I’m not sure entering the crypto field would be the best use of Tesla’s resources.”
This cautious stance may seem surprising given Musk’s history with digital payments—he co-founded X.com, which later merged with Confinity to become PayPal—but it reflects his strategic focus on core business operations.
Why Tesla Isn’t Going All-In on Crypto (Yet)
Elon Musk splits his time meticulously: roughly 42 hours per week at Tesla and another 40 at SpaceX. With such a demanding schedule, it’s no wonder he prioritizes execution over experimentation.
Tesla remains a capital-intensive automaker still scaling toward long-term profitability. SpaceX, while pioneering in space technology, operates in an even more complex and costly domain. Both companies require relentless focus to maintain their competitive edges.
So while Musk sees the future in decentralized systems, diverting engineering talent, financial resources, or computational power toward building a native blockchain protocol isn’t currently aligned with Tesla’s mission.
👉 Discover how leading innovators are integrating blockchain into real-world applications today.
That said, absence from direct involvement doesn’t mean irrelevance. In fact, Tesla may already be positioned to play a pivotal role in the convergence of energy and blockchain.
The Hidden Link: Energy, Decentralization, and Proof-of-Work
At first glance, Tesla is an electric vehicle manufacturer. But look deeper—it's fundamentally an energy company.
From Powerwall batteries to Solar Roof tiles and Gigafactories optimizing energy storage and distribution, Tesla is building the infrastructure for a decentralized energy grid. And this is where things get interesting for blockchain.
Proof-of-Work (PoW) cryptocurrencies like Bitcoin rely heavily on electricity. Miners convert electrical energy into digital value—essentially turning kilowatts into secure, verifiable transactions. Critics often cite energy consumption as a flaw, but Musk and others see an opportunity: using excess or underutilized renewable energy for mining.
Imagine this:
- Homes equipped with Tesla Solar Roofs generate surplus solar power during the day.
- That excess energy charges Powerwalls.
- When demand is low and electricity prices drop, that stored energy could be used to mine Bitcoin—converting idle capacity into revenue.
- Later, when energy prices rise, homeowners sell back to the grid or use profits from mining to offset costs.
This creates a self-sustaining economic loop—energy becomes both utility and asset.
As one Reddit user insightfully put it two years ago:
“Bitcoin’s future lies in turning unused electricity into money—money you can then use to buy more electricity when needed.”
How Blockchain Could Transform the Automotive and Energy Sectors
While Tesla itself may not launch a cryptocurrency, the integration of blockchain into its ecosystem is not only possible—it’s logical.
Here’s how:
1. Vehicle-to-Grid (V2G) Transactions via Smart Contracts
Electric vehicles are mobile batteries. With bidirectional charging, Teslas could feed unused battery power back into the grid during peak hours. Blockchain enables automated, transparent peer-to-peer energy trading using smart contracts—no intermediaries, no delays.
2. Transparent Supply Chain Tracking
Blockchain can verify the ethical sourcing of raw materials like lithium and cobalt. Consumers increasingly demand sustainability proof; immutable ledgers provide it.
3. Decentralized Identity & Ownership Records
Car ownership, maintenance history, insurance claims—these could all be stored on a blockchain, reducing fraud and streamlining resale markets.
4. Autonomous Machine Economies
In a future with self-driving fleets, cars could earn cryptocurrency by offering rides or data—then autonomously pay for charging, tolls, or repairs—all via blockchain-based microtransactions.
👉 See how decentralized finance is reshaping industries beyond crypto.
Why Microsoft and Google Are Already In (And Why It Matters)
While Tesla holds back, other tech giants aren't waiting.
- Microsoft powers Bakkt, the NYSE-backed crypto exchange, through its Azure cloud platform.
- Google has partnered with Goldman Sachs to support crypto ventures and was the first major tech company to add the Bitcoin symbol (₿) to its iOS keyboard app.
These moves aren’t about launching coins—they’re about enabling infrastructure. And that’s exactly where Tesla could follow.
Tesla doesn’t need to create a blockchain to participate. It can become a foundational layer—providing clean energy to blockchains.
The Bigger Picture: A Decentralized Future Led by Clean Energy
Human civilization stands on the brink of an energy revolution. Renewable sources are becoming cheaper and more efficient every year. The challenge isn’t generation—it’s storage, distribution, and utilization.
Blockchain offers tools to manage this complexity: trustless coordination, automated settlements, and decentralized control.
Elon Musk isn’t just building cars or rockets—he’s constructing the backbone of a sustainable future. And in that future, every solar panel, battery pack, and EV becomes a node in a larger network—one that could naturally align with blockchain principles.
Will Tesla launch its own cryptocurrency? Probably not.
Will Musk embrace blockchain technology in some form? Almost certainly.
Because at their core, both Tesla and blockchain share a common vision: decentralization, resilience, and democratized access.
Frequently Asked Questions
Will Tesla ever accept Bitcoin as payment again?
Tesla briefly accepted Bitcoin in 2021 but paused due to environmental concerns over mining emissions. If mining shifts fully to renewable energy—which aligns with Tesla’s mission—resuming crypto payments is plausible.
Can I mine Bitcoin using my Tesla Powerwall?
Not directly through Tesla software, but technically yes. You could use stored solar energy to power external mining rigs during off-peak hours—turning surplus green energy into digital assets.
Is Elon Musk bullish on cryptocurrency?
Yes—he’s publicly praised Bitcoin and Ethereum. While he cautions against speculative bubbles, he recognizes crypto’s potential as a superior value-transfer system compared to fiat.
How does blockchain relate to clean energy?
Blockchain enables transparent tracking of energy production and usage. It supports peer-to-peer energy trading and incentivizes renewable investment through tokenized rewards or mining opportunities.
Could Tesla build its own blockchain?
Unlikely. But Tesla can—and likely will—integrate blockchain solutions for supply chain transparency, vehicle data logging, or energy grid management without developing a chain from scratch.
What’s the connection between PoW mining and sustainable energy?
PoW mining consumes energy, but when powered by renewables like solar or wind, it becomes sustainable. Excess energy that would otherwise go to waste can generate revenue via mining—boosting ROI for green infrastructure.
👉 Explore the future of energy-backed digital assets and their global impact.
Final Thoughts: The Convergence Is Coming
Elon Musk may not announce a new crypto project tomorrow. Tesla might never issue a coin. But the trajectory is clear: the worlds of clean energy and blockchain are converging, and companies at the intersection will lead the next technological wave.
Tesla’s innovations in battery tech, solar integration, and distributed energy systems position it uniquely—not as a crypto company, but as an enabler of decentralized economies.
And when that future arrives, Musk won’t need to say “I told you so.”
The grid will speak for itself.