Tesla CEO Elon Musk believes digital assets can help eliminate errors in monetary databases. He believes cryptocurrency is “fundamentally superior” to any other financial instrument, even if it is not perfect.
According to the entrepreneur, Bitcoin’s main use case is a store of value, but Dogecoin is better suited for payments. In an interview with Time magazine, Elon Musk, CEO of Tesla and SpaceX, said that Dogecoin is a much superior crypto coin in terms of daily transactions. “Bitcoin transactions have a low transaction value and a high transaction cost.”
It is suitable as a store of value, at least spatially. However, Bitcoin is not a good substitute for transactional money, ”he says, adding that despite its origins as a joke, Dogecoin is more suited to transactions. “Dogecoin’s total transaction flow is transactions per day, which has significantly greater potential than Bitcoin.”
Elon Musk, one of the most powerful figures in the cryptocurrency world, recently reiterated his support for the digital asset industry in an interview with Lex Fridman. According to him, the current financial system based on fiat currencies is far from perfect because governments can use mass printing to “dilute the money supply” and thus generate inflation.
Cryptocurrencies, on the other hand, are a technological breakthrough that “brings us into the 21st century.” Unlike many others who view money as a source of power, Musk believes it should be viewed “through the lens of information theory.” According to him, cryptocurrency technology appears to be the most efficient type of trading.
“Think of money as a database for the allocation of resources in time and space. In what form should this data system be most effective? “
Musk debunked the claim that he is once again the mysterious founder of Bitcoin. Nick Szabo, a computer scientist and cryptographer known for his work on digital currencies is most likely that person, according to him: “I don’t know who created Bitcoin for practical purposes, but the evolution of ideas is pretty clear before that, and it seems that Nick Szabo is probably more responsible than anyone for the evolution of these ideas.
Tesla CEO said the inventor’s name is not as important as the technology he created. Saifedean Ammous issued a similar opinion not too long ago:
“You use the wheel everyday, but you don’t know who invented the wheel, and we use a lot of things everyday not because we trust the guy who invented them, but because they made their evidence, ”he said.
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