Elon Musk needs to 'shift towards Bitcoin' to be able to win against Trump

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The Bitcoin community is calling on Tesla CEO, Elon Musk, to accumulate Bitcoin as a way to gain the upper hand in the public feud with U.S. President, Donald Trump.

"The best way for Elon to retaliate against Trump is to completely shift to Bitcoin," trader and analyst Will Clemente said in a post on X on June 6.

Agreeing with the above viewpoint, on the same day, the founder and CEO of JAN3, Samson Mow, stated: "It's time for Elon Musk to invest fully in Bitcoin."

Musk urges Tesla to start Bitcoin treasury strategy

Mow urged Musk to accept Bitcoin payments for Tesla and implement a Bitcoin treasury strategy.

In 2021, Tesla stopped accepting Bitcoin as a payment method due to environmental concerns. However, the company still holds this digital asset.

As of April 23, reports indicate that Tesla's holdings of digital assets have decreased in value by 11.61%, from $1.076 billion to $951 million in Q1.

Mow also suggested that Musk's SpaceX could offer promotions for customers paying with Bitcoin.

"There needs to be a "hard money" standard applied to those who print money," Mow said.

It has been three months since Trump signed the executive order on the Strategic Bitcoin Reserve Fund, but no additional Bitcoin has been purchased yet. He emphasized that the United States "must start" buying Bitcoin this year to avoid being outpaced by other countries.

In another comment sent to Musk, Mow added:

"At least do that before they freeze your fiat assets."

Some people speculate that Musk will not hesitate to support Bitcoin.

Co-founder and CEO of Lomob, Boyd Cohen, said: "If Musk wants to invest heavily in BTC, that would be a huge amount of capital. He doesn’t do anything small."

"Musk will build or actively buy to acquire the largest BTC treasury, he will accept BTC in all his business activities, joining with Bitcoin Presidents around the world to promote it as the only path to financial freedom," Cohen said.

The feud began after Musk stepped down as an advisor to Trump and later called the Trump administration's tax bill "disgusting" on June 3.

Tensions escalated on June 5 after both publicly criticized each other on social media. Musk stated that Trump’s comprehensive global tax plan "would cause a recession in the second half of this year."

Meanwhile, in a post on the Truth Social platform, Trump decided to terminate subsidies and government contracts with this billionaire's companies.

Musk has frequently mentioned cryptocurrency over the years. Most recently, on June 2, he revealed that his media platform X is rolling out a new messaging feature, XChats, which will be "encrypted like Bitcoin."

Vincent

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