Elon Musk Surprisingly Reacts to Bitcoin's Epic Surge

Today - In a significant development for the cryptocurrency market, Yassine Elmandjra, Director of Digital Assets at ARK Invest, recently disclosed that Bitcoin's hash rate has reached an unprecedented milestone of 500 exahashes per second, marking an all-time high for the digital currency.
Elmandjra illustrated the magnitude of this achievement by drawing attention to several notable comparisons. Notably, the Bitcoin network is currently processing five billion computations per second for each star in our galaxy. To match the hash rate of the BTC network, the entire global population, with each individual contributing one hash per second, would require approximately 2,000 years. In terms of raw operations per second, Bitcoin surpasses the world's most powerful supercomputer by a factor of 500.
Reacting to this news, Elon Musk, a prominent advocate for cryptocurrencies, expressed his response with a succinct, yet powerful message.

Elon Musk, Bitcoin and Mars

Musk's enthusiasm for digital assets is well documented, with his Tesla (NASDAQ:TSLA) maintaining a significant balance of 10,725 BTC. Furthermore, Musk's nod to Dogecoin in the past and his recent participation in Bitcoin ETF discussions underscore his continued interest in the crypto space.
Notably, at a recent conference, Musk entertained the idea of using BTC on Mars, asserting its feasibility despite the logistical challenges posed by the planet's distance from the sun.
As Bitcoin achieves new heights, Musk's reaction underscores the growing significance of digital assets in mainstream finance.

Dimon criticizing Bitcoin in Davos

During the annual WEF event in Davos, Dimon spoke to CNBC’s hosts of the Squawk Box show, telling them that he believes Bitcoin to be a “pet rock” on the blockchain that “does nothing,” unlike some other cryptocurrencies.
Head of MicroStrategy Michael Saylor responded to Dimon, posting a sarcastic tweet about him, referring to Bitcoin as a “pet rock” that “does nothing" other than allowing people to own something they can "trade among themselves" without fear of debasement or theft.”
Some believe that Dimon simply fears that Bitcoin can disrupt the entire banking system. However, Samson Mow reckons that Bitcoin does not need to do that since many large banks in the U.S. and other countries have already begun embracing Bitcoin and offering BTC services to their customers.
Aside from his usual criticism about Bitcoin’s use cases being criminal activities, money laundering and tax evasion, this time Dimon time also stated that he doubts Bitcoin is limited to 21 million coins, which, according to him, dispels the quality loved by Bitcoiners – scarcity.

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