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Musk: Bitcoin’s speed is now “ridiculously low”

December 29, 2021
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In an interview with podcaster Lex Fridman, Musk again refuted the rumors that he was Satoshi Nakamoto. Due to the long delay of Bitcoin, Musk believes that Bitcoin cryptocurrency is useful as a means of wealth storage, but it is useless as a payment currency.

Musk pointed out that compared with the king of cryptocurrencies, Dogecoin has higher transaction volume capabilities and lower fees. Now, if you want to trade Bitcoin, the transaction price is very high, so you cannot effectively Use it for most things, and it can’t even be expanded to large capacity.

According to Musk, due to the relatively poor Internet infrastructure, it was reasonable to use a smaller block size in 2008 and a longer synchronization time is appropriate, but now the speed of Bitcoin is “ridiculously low.” Musk also praised the inflationary nature of Dogecoin.

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