The billionaire who likes to be in the headlines for his tweets and memes has made it again just before the end of the year. In a podcast with Lex Fridman, Musk has once again refused the rumors claiming him to be Satoshi Nakamoto, the pseudonymous creator of Bitcoins. Moreover, he also named Nick Szabo as the likely candidate for this elusive personality. Szabo, a computer scientist, and Cryptographer has also denied such claims previously. Despite such strong refusals, the internet community is still firm about its suspicion that Elon played a part in accelerating the idea of Bitcoin.
Bitcoin for Storage
About his opinion on Bitcoins, Elon further added that the currency is not good for payments and mobility. The main reasons for this, states the billionaire, are increased processing fees and slow synchronization speed. According to Musk, the infrastructure of Bitcoins was suitable for the technological developments in 2008 and to process smaller data blocks. Currently, Bitcoin is too slow for existing expectations. The increasing popularity of Bitcoins as an investment option would naturally stop it from becoming a payment option.
Dogecoin: The Possible Alternative
Musk announced Dogecoin to be a much more viable option for making payments since it has better inflationary properties and is much more affordable than Bitcoin. The billionaire has no plans to use Dogecoin on Mars. This is because Musk believes there would be difficulties in synchronization due to the speed of light.
Outdated Financial System
The former owner of PayPal also believes that the current financial system used by banks is obsolete. The governments hold onto this financial system because it helps them with taxing people. Musk also views the dilution of monetary supply by Central Banks as ‘pernicious.’ According to him, the decentralized system of cryptocurrencies is capable of fixing this for good.
Introduction As a global financial hub, Singapore has seen tremendous growth in the …