Elon Musk discusses the future of cryptocurrency: Bitcoin is a store of value, not a trading currency

When discussing the long-term development of cryptocurrencies, Musk bluntly stated that few people truly understand the essence of “money.” Taking Bitcoin as an example, he pointed out that Bitcoin has significant pioneering importance in the crypto system, but its trading volume is limited, and the cost per transaction is relatively high. From both a design and practical usage perspective, it is not suitable as a high-frequency trading currency.

Musk believes that at the most fundamental level, Bitcoin is more akin to a store of value or an asset allocation choice rather than a currency for everyday payments. In contrast, he mentioned that although Dogecoin was originally created as a joke, it is actually more practical in terms of transaction efficiency and payment use cases.