Elon Musk praises Bitcoin for protecting investors from fiat money printing, citing its energy-based proof-of-work model as inflation-proof. Analysts predict a government-funded AI arms race will drive debasement in currencies, boosting Bitcoin and precious metals. Musk warns of a potential long winter for Bitcoin following the collapse of FTX due to misappropriation of user funds. Tesla has yet to comment on reinstating Bitcoin payments, pending increased renewable energy use in Bitcoin mining. Bitcoin mining’s sustainable energy usage hits an all-time high of over 55%, according to experts.

Read more at Cointelegraph: Elon Musk Praises Bitcoin’s Inflation-Proof Model Amid AI Arms Race