On Sunday, Elon Musk published a tweet that mentioned the world’s flagship cryptocurrency, Bitcoin.
Bitcoin historian and journalist Pete Rizzo took notice of it in his recent tweet, saying that the crypto community should “buckle up” now since he now assumes that BTC is likely to skyrocket by up to 50%.
Musk’s mention of Bitcoin sends ripples
On Sunday, Elon Musk announced the release of new XChat feature on his social media platform X (formerly known as Twitter). Sharing the details, the tech entrepreneur said that it is based on Rust with “Bitcoin-style” encryption and has “a whole new architecture.”
The new XChat allows users to send vanishing messages and any type of files to one another. It also has an audio/video call feature. “You can do audio/video calls without a phone number across all platforms,” Musk added in a comment to his own post.
FACT: THE WORLD’S RICHEST MAN JUST BROUGHT UP #BITCOIN FOR THE 1st TIME IN 3 YEARS
LAST TIME HE BOUGHT, BTC WENT UP 50%. BUCKLE UP 🚀 pic.twitter.com/xVb6EuT3rm
— The Bitcoin Historian (@pete_rizzo_) June 2, 2025
Rizzo pointed out that this was the first time Musk had mentioned Bitcoin in his tweet in three years. He also said that Bitcoin could now easily skyrocket by 50% – this is what happened in 2021, when Tesla bought $1.5 billion Bitcoin. However, despite Musk’s tweet, Bitcoin is down, not up at the moment.
Hardly the first-in-three-years Bitcoin mention by Musk
However, in the comments, the community doubted that the gap between Musk’s Bitcoin mentions lasted three years. They even tagged the AI bot Grok for clarification.
Grok confirmed that over the past three years, Elon Musk has mentioned Bitcoin a few times. At least it happened in interviews and podcasts if not on his Twitter page. Since Musk bought Twitter, he has stated that AI is unable to crack Bitcoin since it cannot reject the fundamentals of maths. He also said in a podcast that he believes there is merit to Bitcoin and some other cryptocurrencies – that was in 2024. Two years before, he also mentioned Bitcoin in one of the videos published on YouTube.
Needless to say “Bitcoin style” and “Rust” are not descriptions of an encryption scheme, nor are they strong indicators of security for a messaging app. Also, unless encrypted DMs are only in app, odds are they aren’t just in Rust.
— Ian Miers (@secparam) June 1, 2025
Ian Miers, Assistant Professor of Computer Science at the University of Maryland, commented on Musk’s tweet, calling it “nonsensical.” He stated that Bitcoin uses signatures and not encryption. “Needless to say “Bitcoin style” and “Rust” are not descriptions of an encryption scheme, nor are they strong indicators of security for a messaging app,” he added, clearly questioning the security of XChat.
