Elon Musk Expresses Astonishment at Bitcoin’s Magnitude
In a notable exchange on the social media platform X (formerly Twitter), Tesla and SpaceX CEO Elon Musk voiced his astonishment about Bitcoin in reaction to a tweet from Cathie Wood, CEO of Ark Invest. Wood’s tweet, which resonated with Musk, shed light on the extraordinary statistics characterizing the Bitcoin network, eliciting a simple yet profound response from Musk: “Wow.”
Bitcoin’s Unmatched Computational Power
Wood’s message on X emphasized the unmatched magnitude of the Bitcoin network, stating that it is backed by the largest computer network in the world. She highlighted that this network is orders of magnitude larger than the combined size of the clouds built by Amazon, Google, and Microsoft over the past 15-20 years.
Bitcoin Is 500x More Powerful Than Supercomputers
Yassine Elmandjra, Director of Digital Assets at ARK, responded to recent skeptical comments made by JPMorgan Chase CEO Jamie Dimon. Dimon referred to Bitcoin as a “pet rock” and reiterated his view of its lack of inherent value. In contrast, Elmandjra emphasized the computational capacity of the Bitcoin network and its recent milestone of achieving a hash rate of 500 exahashes per second.
To illustrate this achievement, Elmandjra provided vivid comparisons, such as the BTC network processing 5 billion computations per second for every star in our galaxy. He also pointed out that all Bitcoin miners outstrip the world’s most powerful supercomputer by a factor of approximately 500.
Bitcoin Is Digital Gold
Musk expressed his perspective that BTC serves as an efficient mechanism for establishing predetermined scarcity, similar to gold. He proposed that a more fitting name for BTC might be “BitGold,” drawing a parallel with the precious metal. Tesla currently holds 10,725 BTC.
Hot Take: Bitcoin’s Monumental Scale and Potential
The recent exchange between Elon Musk and Cathie Wood highlights the monumental scale and computational prowess of the Bitcoin network. With its unmatched magnitude and computational power, Bitcoin continues to astonish experts and skeptics alike. As Musk recognizes its potential as a digital store of value, more attention is drawn to the cryptocurrency’s ability to establish predetermined scarcity. The remarkable statistics surrounding Bitcoin’s network further solidify its position as a force to be reckoned with in the world of finance and technology.
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