Elon Musk Voices Awe Over Bitcoin

In a notable change on the social media platform X (previously Twitter), Tesla and SpaceX CEO Elon Musk voiced his astonishment about Bitcoin in response to a tweet from Cathie Wooden, CEO of Ark Make investments. Wooden’s tweet, which resonated with Musk, make clear the extraordinary statistics characterizing the Bitcoin community, eliciting a easy but profound response from Musk: “Wow.”

Wooden’s message on X emphasised the unequalled magnitude of the Bitcoin community, stating, “Bitcoin is backed by the largest computer network in the world, a network orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years.”

Bitcoin Is 500x Extra Highly effective Than Supercomputers

This daring assertion was anchored in a tweet from Yassine Elmandjra, Director of Digital Property at ARK, who aimed to counter the latest skeptical feedback made by JPMorgan Chase CEO Jamie Dimon. Throughout an occasion on the World Financial Discussion board, Dimon, recognized for his constant critique of Bitcoin, diminished its significance by referring to it as a “pet rock.”

He reiterated his 2021 view of BTC’s lack of inherent worth and, regardless of recognizing the sensible purposes of blockchain expertise, signaled his reluctance to have interaction additional in discussions about Bitcoin. “This is the last time I’m talking about this with CNBC, so help me God,” Dimon asserted, including, “I think we waste too many words on that.”

Contrasting sharply with Dimon’s skepticism, Elmandjra’s tweet make clear the formidable computational capability of the Bitcoin network. He elucidated the community’s latest milestone of reaching a hash charge of 500 exahashes per second.

To articulate the enormity of this achievement, Elmandjra supplied vivid comparisons, illustrating that the BTC community processes 5 billion computations per second for each star in our galaxy, and it will require roughly roughly 2000 years for your entire international inhabitants, every performing one hash per second, to match the community’s present hash charge.

Moreover, he identified that the community executes roughly 67 instances extra hashes per second than the estimated whole variety of grains of sand on Earth and that its efficiency, by way of uncooked operations per second. Furthermore, all Bitcoin miners outstrip the world’s strongest supercomputer by an element of roughly 500.

These whopping statistics spotlight the monumental scale and computational prowess of the Bitcoin community, prompting reactions like Peter McCormack’s comment: “Math.”

Bitcoin Is Digital Gold

Musk’s openness for cryptocurrencies is not any secret, as evidenced by Tesla’s substantial holding of 10,725 BTC. Throughout a latest area on X with Cathie Wooden, Musk voiced his perspective that BTC serves as an environment friendly mechanism for establishing predetermined shortage, akin to that of gold.

He stated, “It is very good for engineered scarcity, kind of like gold or something like that.” He additional proposed {that a} extra becoming identify for BTC may be “BitGold,” thereby drawing a parallel with the dear metallic.

At press time, BTC traded at $41,382.

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