Did Elon Musk Create Bitcoin?
When it comes to Bitcoin, there are a lot of questions regarding who actually created it. The idea of a decentralized digital currency has been around since the early days of the internet, but it was until quite recently when the concept became a reality.
The man linked to the creation of Bitcoin is controversial tech entrepreneur, Elon Musk. So what does this enigmatic figure have to do with Bitcoin and cryptocurrency in general?
The History of Bitcoin
Before exploring Elon Musk’s involvement in Bitcoin, it is important to look at the story of its creation. Bitcoin was first released in 2009 by a mysterious figure known only by the pseudonym Satoshi Nakamoto. To this day the true identity of Satoshi remains a mystery.
The original whitepaper containing details of Bitcoin’s protocol was famously released in October 2008. This whitepaper outlined the concept of a revolutionary ‘trustless’ digital currency which would be decentralized and secure.
Since its creation, Bitcoin has seen incredible highs and lows in terms of its price and has attracted large sums of investment from venture capital investors.
Elon Musk and cryptocurrency
The topic of Elon Musk being the creator of Bitcoin has been discussed since the early days of cryptocurrency. It is quite clear that Elon probably did not create Bitcoin, but the narrative of him being linked with cryptocurrency lives on.
So where does this perception of Elon Musk and Bitcoin come from? It is likely due to the fact that Musk is well known as a futurist and innovator who is interested in novel technologies. Additionally, in 2013 his own money aided the development of an open source version of the Bitcoin protocol codebase.
Elon Musk and the ‘Muskrat’
One of the most popular theories linking Elon Musk to the creation of Bitcoin is the ‘Muskrat’ rumor. This idea centers around the fact that the 18.9 millionth Bitcoin address is named ‘Muskrat’. Additionally, the second programming language of Bitcoin code is called ‘RAT’.
The Muskrat rumor initially began in an online forum in 2011, and it seems to have originated from a claim made by an anonymous user linking Elon Musk to the ‘Muskrat’. Despite this rumor, there have been no concrete connections between Elon and Bitcoin.
Elon Musk’s stance on bitcoin
In recent years, Elon has shared his thoughts on Bitcoin and the cryptocurrency industry. His opinion over the years has been rather mixed. In 2017, Elon seemed to be supportive of cryptocurrency, stating that “it (Bitcoin) bypasses currency controls”. However, in 2018, he expressed fears that the cryptocurrency industry could lead to government control.
More recently, Elon has expressed more positive sentiments towards Bitcoin, especially when it comes to how it interacts with the energy markets. He has also stated his support for Dogecoin, tweeting that it “seems cool”. Despite this, Elon has made it clear that he does not own or use Bitcoin.
Elon Musk’s views on usability and scalability
Though Musk is seemingly supportive of the underlying technology of Bitcoin, he has expressed doubts when it comes to the usability and scalability of the cryptocurrency. In 2021, he tweeted that “it (Bitcoin) is somewhat high risk,” and suggested that Ethereum has a better chance of mass adoption.
He also expressed more negative opinions such as “the aging POW process seems weak compared to POS”, in reference to the problematic Proof of Work (POW) consensus algorithm used by Bitcoin. Overall, Elon appears to be largely skeptical when it comes to Bitcoin and its potential.
Conclusion
Though Elon Musk has been linked to the creation of Bitcoin for many years, there is no concrete evidence to support this theory. Musk does appear to be supportive of Cryptocurrency in general and the underlying technologies powering it, although he has expressed concerns when it comes to its usability and scalability.
