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Elon Musk believes Cryptocurrency can fix ‘the error in financial system’

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  • Elon Musk has stated that historical failures define the existing financial system, which cryptocurrencies are seeking to minimize.
  • Musk delves into the debate regarding Satoshi Nakamoto’s true identity as the anonymous creator of Bitcoin.
  • Musk prefers doge over bitcoin as a transaction method.

Musk claimed on the Lex Fridman show that errors occur from the government’s capacity to tamper with the money supply through excessive printing, which dilutes the value of the currency.

Musk, a cryptocurrency enthusiast, has criticized the centralization of money, stating that the government will certainly misuse its control over the money supply. In this line, he suggested that the decentralized nature of digital currencies may provide a solution.

Musk doubt Satoshi Nakamoto’s identity as Bitcoin creator

Musk delves into the debate regarding Satoshi Nakamoto’s true identity as the anonymous creator of Bitcoin.

Musk indicated that he believes computer scientist Nick Szabo is the developer of Bitcoin since he possesses all of the characteristics of Nakamoto. At the same time, Musk rejected prior claims that he was the person behind Bitcoin.

Musk selected Szabo because of the computer scientist’s 1998 idea for a digital currency called “BitGold.”

Overall, Satoshi’s identity has been a hot subject in recent months, with Australian computer scientist Craig Wright claiming to be the founder of Bitcoin and even going to court to prove it.

Journey of doge to mars

Fridman and Musk began the chat by discussing the planet Mars. Despite Musk’s statement suggesting the appropriate money for Mars is the Dogecoin, he believes Mars needs its own cryptocurrency that is fully independent of the Earth.

He also mentioned that the introduction of assets such as Bitcoin (BTC) provides a solution, despite flaws such as slow and limited transactions.

Musk slams bitcoin says he would prefer doge as a transaction method

However, according to Musk, Bitcoin is a great store of wealth for holders while admitting continuous efforts to enhance the system, such as the lightning network.

Musk then discussed bitcoin and its shortcomings as a payment method, comparing it to Dogecoin: “There is a fundamental problem with bitcoin in its current form in that its transaction volume is quite restricted and the latency for verified transactions is far too high, far longer than you would like.” As a result, it’s not very in good terms of transaction volume or latency.”

  • Musk believes that the present financial systems are based on outdated technology that has to be updated and that cryptocurrencies are the ideal solution for improving the system.

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