On the evening of August 7, 2025, tech mogul Elon Musk made waves once more by sending a simple emoji—a “”—in response to a Coinbase post featuring a nostalgic Grok-generated animation of the iconic Bitcoin “magic internet money” wizard. Musk’s distinctive terse style fueled speculation about his unwavering support for Bitcoin. The animated clip, with the caption “Grok Imagine: Bring this legend to life,” transformed a beloved 2013 figure into a lively, vivid video—a reminder of Bitcoin’s grassroots origins.
Musk’s Renewed Affection for Bitcoin
This meme has its roots in a Reddit contest that dates back over a decade. In April 2013, r/bitcoin moderators called on the community to create an advertisement to feature in Reddit’s sidebar. The winning entry, a rudimentary MS-Paint drawing of a wizard riding a gold coin and proclaiming “magic internet money,” captured the imagination of many. Its simplistic design embodies Bitcoin’s rebel spirit, becoming a symbol of the cryptocurrency’s underdog status.
Musk’s recent emoji is not merely whimsical; it represents a calculated decision. In the past month, he has consistently linked Bitcoin to both his political and technological initiatives. When promoting the newly concepted “America Party”—an alternative political movement—Musk affirmed that his party would indeed welcome Bitcoin, stating, “Fiat is hopeless.” This announcement followed SpaceX’s significant internal transfer of about $150 million in BTC, bolstering the perception that Musk’s enterprises remain committed long-term holders of the digital asset.
Days before the wizard image, Musk sought insights from his AI assistant, Grok, about a critical concern in the cryptocurrency domain: the potential threat of quantum computing. Grok estimated that the chances of a quantum computer cracking Bitcoin’s SHA-256 algorithm within five years were “nearly 0%,” projecting less than a 10% chance by 2035, assuming current advancements in quantum technology.
Moreover, Musk’s connection to Bitcoin was highlighted again in June with the launch of “XChat,” a messaging feature on his social media platform, X (previously known as Twitter). He announced that the system was built on Rust and featured “Bitcoin-style” encryption—this choice underscoring his commitment to security and decentralization, principles that resonate with the cryptocurrency community.
While Musk’s comments may not trigger the same market storms as they did during the 2021-2022 bull run, his influence remains palpable. Tesla still holds a substantial inventory of over 10,725 BTC, while SpaceX is believed to possess a significant allocation as well. In this context, even a single emoji can be perceived as a silent endorsement, especially when it echoes a significant relic from Bitcoin’s rebellious beginnings.
As of now, Bitcoin is valued at $116,560.
