Elon Musk’s viral comments on Bitcoin’s intrinsic ties to energy and physics signal a changing attitude toward Bitcoin from Tesla’s founder.
Elon Musk’s ambitious goals of tackling excess spending and inefficiencies in the US federal government may have been futile, but it might have been the catalyst for his changing tune on Bitcoin.
Batten clarified that Bitcoin’s energy use comes directly from mining, not through individual transactions, which he described as ‘critically important to understand’ because the network can theoretically process thousands more transactions without needing to expend more energy.
“The moment you have this per-transaction metric, it suggests something very insidious, which is, it’s unscalable because as you scale more, then energy use is going to go up as well. And a lot of regulators in Europe still believe that,” Batten said.
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