Explosive! Musk Claims: Bitcoin is Based on Energy, Will the Monetary System Be Overturned?
Musk's views on Bitcoin and currency are quite forward-looking. He says Bitcoin is an energy-based currency, which indeed captures the characteristics of Bitcoin's proof-of-work mechanism that requires a large amount of electricity and computing power to maintain. To some extent, Bitcoin's output is closely tied to energy consumption, which also gives Bitcoin a certain level of scarcity, after all, energy acquisition and consumption are not infinite.
He proposes that energy is the real currency that cannot be obtained through legislation, which is a rather novel viewpoint. The issuance and value of traditional fiat currency are influenced to some extent by government policies and laws, while energy is a tangible material basis, and its value is relatively more stable and objective. However, at present, energy cannot be directly equated to currency, as there are still many obstacles in terms of transactions and circulation.
Musk believes that in the future, artificial intelligence and robotics may render currency unnecessary, a bold idea. With the development of technology, many productions and services may become automated, perhaps leading to a new economic model where the role of currency is weakened or even replaced. But this is still just a hypothesis, and there is a long way to go to realize it, as currency plays important roles in economic activities such as value measurement and transaction mediums. Finding suitable alternatives is not easy.
Looking at the current reality, traditional currency still dominates the world today, indicating that the development of the monetary system is a long-term and complex process that will not be easily replaced by new forms. Meanwhile, Bitcoin's price dropped 8% in early trading, reflecting the instability and high risk of the cryptocurrency market. Although Bitcoin has its unique characteristics and a certain level of market attention, such drastic price fluctuations require ordinary investors to consider participation carefully, rather than blindly following trends.
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