Musk recently proposed a disruptive viewpoint: the value support of Bitcoin is not a Consensus Mechanism or Decentralization narrative, but energy itself. This statement sounds a bit abstract at first, but upon closer examination—there is indeed some truth to it.

We are accustomed to calling Bitcoin "digital gold," emphasizing its scarcity and store of value. But from another perspective, the birth of each BTC is accompanied by the consumption of real electricity in the form of hard cash. Mining machines roar day and night, consuming tangible electrical energy. In this sense, Bitcoin is more like a "digital certificate of energy"—when you mine a coin, you are essentially converting energy into a tradable digital asset.

This also explains why global mining farms are always chasing cheap electricity. From hydropower stations in Sichuan to wind farms in Texas, and to natural gas power generation in oil-producing countries in the Middle East, wherever there is excess energy, miners flock in. This is not hype; it is the reality of energy arbitrage. Bitcoin has, in a way, become a "mobile energy storage unit," and this property makes it difficult to be easily eliminated by simple legislation.

Have you ever wondered why energy-rich countries like Saudi Arabia and the UAE are starting to lay out plans for mining? Why is Tesla holding Bitcoin while heavily investing in solar energy? Because smart money has already figured it out: Bitcoin is the digital export of the era of energy surplus, an attempt at the financialization of energy.

Fiat currency will depreciate due to overissuance, but the value of energy is rigid. If Bitcoin is truly anchored to energy consumption, then its underlying logic is no longer merely market sentiment, but humanity's eternal demand for energy. This may be the long-term narrative that deserves the most attention.

Don't just focus on short-term fluctuations. Understanding the relationship between energy and cryptocurrency may be more important than chasing a hundred hot topics.