Why Elon Musk Marvels at Bitcoin

In a compelling exchange on the social media platform X (formerly known as Twitter), Tesla and SpaceX CEO Elon Musk expressed his amazement at Bitcoin in response to a tweet by Ark Invest CEO Cathie Wood.Wood’s tweet resonated with Musk, revealing the extraordinary statistics of the Bitcoin network that eliciting a simple but profound response from Musk: “Wow.”

Wood’s message on X emphasized the unparalleled scale of the Bitcoin network, noting, “Over the past 15-20 years, Bitcoin has been powered by the world’s largest computer network, which is orders of magnitude larger than the combined size of the clouds built by Amazon, Google, and Microsoft.”Whatsminer Miner

Bitcoin is 500 times more powerful than a supercomputer

The bold assertion stems from a tweet by ARK’s Director of Digital Assets, Yassine Elmandjra, who aimed to counter recent skeptical comments made by JPMorgan Chase CEO Jamie Jamie Dimon. During an event at the World Economic Forum, Jamie Dimon, known for his consistent criticism of Bitcoin, undermined its importance by referring to it as a “pet rock”.

He reiterated his view on the lack of intrinsic value of BTC in 2021 and, while recognizing the practical applications of blockchain technology, made it clear that he was reluctant to engage further in discussions about Bitcoin. “This is the last time I’m going to talk to CNBC about this, so help me God,” Jamie Dimon asserted, adding, “I think we’re wasting too many words on this.”

In stark contrast to Jamie Dimon’s skepticism, Elmandjra’s tweets reveal the Bitcoin network’s powerful computational capabilities. He elaborated on the network’s recently achieved milestone of reaching a hash rate of 500 exahash per second.

To illustrate the enormity of this achievement, Elmandjra provided vivid comparisons to show that the BTC network processes 5 billion calculations per second for every star in the galaxy, while for the entire global population it would take roughly 2,000 years for each individual to perform each hash its times, matching the network’s current hash rate.

In addition, he noted that the network performs roughly 67 times as many hashes per second as the total number of grains of sand on the planet, and that its performance is measured in raw operations per second. Furthermore, all Bitcoin miners outperform the world’s most powerful supercomputers by a factor of about 500. Kaspa mining

These huge statistics highlight the sheer size and computational power of the Bitcoin network, triggering reactions like Peter McCormack’s comment: “Math.

Bitcoin is Digital Gold

Musk’s openness to cryptocurrencies is no secret, as evidenced by Tesla’s massive 10,725 bitcoin holdings. During a recent X show with Cathie Wood, Musk expressed his view that BTC is an effective mechanism for establishing predetermined scarcity, similar to gold.

He stated, “It’s very good for engineering scarcity, kind of like gold or something like that.” He further suggested that a more appropriate name for Bitcoin might be “BitGold” to draw an analogy with the precious metal.

4-Hour BTC Price Struggles with Key Resistance | Source: BTCUSD on Hominers.com