Musk's Bitcoin Decentralization Defense Tested by Tesla and SpaceX
A five-year-old remark by Elon Musk on Bitcoin's decentralization is resurfacing as the cryptocurrency nears $78,200. In 2021, Musk described the network's defense against coercion as having 'no throat to choke,' meaning no single operator could be pressured into shutting it down.
Tesla and SpaceX, both led by Musk, provide a unique test case for this claim. Their latest filings show they hold a combined 30,221 BTC, acquired for around $1.05 billion and valued at roughly $2.36 billion at market prices.
Tesla converted approximately 75% of its original Bitcoin purchases into fiat currency during 2022, adding $936 million to its cash balance. In contrast, SpaceX has retained its disclosed units, with a June filing showing 18,712 BTC unchanged from December 2025. The company's stake is now worth about $1.46 billion.