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Tesla CEO Elon Musk discussed cryptocurrencies

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An entrepreneur and business magnate Elon Musk in Lex Fridman’s podcast released on Tuesday, discussed cryptocurrency, Bitcoin (BTC), Dogecoin (DOGE), and the identity of Bitcoin’s anonymous creator, Satoshi Nakamoto.

“Part of the reason why I think there is some merit to Dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than Bitcoin”. The CEO of Tesla and SpaceX, who remains a proponent of the DOGE meme cryptocurrency said. He also added that the transaction fees for dogecoin are very small.

Musk said that the current price of doing Bitcoin transactions is very high. Therefore, users could not use it efficiently for most things, and it could not even scale to a huge volume. After the publication of this interview, many users flocked to Twitter to remind him about the Lightning network.

The pseudonymous founder of Bitcoin

Recall that previously, Musk stated that Dogecoin is better than Bitcoin for payments. In an interview held by Time magazine shortly after being chosen Time’s Person of the Year for 2021; Musk set a comparison between the world’s largest cryptocurrency, Bitcoin, to DOGE.

“Bitcoin isn’t an appropriate transactional cash substitute. Despite its origins as a joke, Dogecoin is a better option for transactions. Dogecoin’s entire transaction flow, such as transactions per day, has a considerably bigger potential than Bitcoin,” Musk stated.

In addition, the CEO of Tesla shared an assumption about who Satoshi Nakamoto, the pseudonymous founder of Bitcoin, might be. “You can look at the evolution of ideas before the launch of Bitcoin and see who wrote about these ideas. Obviously, I do not know who created Bitcoin for practical purposes,” he noted.

The evolution of concepts for this is rather obvious, and it appears that Nick Szabo is likely more responsible than anybody else for its evolution. Musk said that the latter claims that he is not Nakamoto. However, the business magnate believes that there is no more responsible person for the ideas underlying Bitcoin than Szabo.

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