Elon Musk on the future of cryptocurrency: Bitcoin is a store of value, not a currency for transactions

When discussing the long-term development of cryptocurrencies, Musk bluntly stated that there are actually very few people who truly understand the essence of "currency." He pointed out that Bitcoin, as an example, has significant pioneering significance in the crypto system, but its trading volume is limited and the cost per transaction is relatively high. From both design and practical usage perspectives, it is not suitable as a currency for high-frequency trading.

Musk believes that, at its most basic level, Bitcoin is closer to a tool for storing value or an asset allocation choice, rather than a form of currency used for everyday payments.

In contrast, he mentioned that although Dogecoin was originally created as a joke, it is actually more practical in terms of trading efficiency and payment usage scenarios. $BTC $DOGE