Elon Musk on the Future of Cryptocurrency: Bitcoin is a Store of Value, Not a Transaction Currency
When discussing the long-term development of cryptocurrency, Musk bluntly stated that there are actually not many who truly understand the essence of 'currency.' He pointed out using Bitcoin as an example that Bitcoin has significant pioneering significance in the cryptocurrency system, but its transaction volume is limited and the cost per transaction is high. From both design and practical usage perspectives, it is not suitable as a high-frequency trading currency.
Musk believes that at its most fundamental level, Bitcoin is closer to a store of value tool or an asset allocation choice, rather than a form of currency used for everyday payments.
In contrast, he mentioned that although Dogecoin was initially created as a joke, it is actually more practical in terms of trading efficiency and payment usage scenarios.
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