Most people can't do the Rubik's Cube at all. Of those who can do it, 5 minutes is a good but slow time, 2 minutes is a fast time and the world record is 20.0 seconds (Dan Knights, August 2003.)
On January 14, 2006, Leyan Lo, a twenty-year-old California Institute of Technology student, set a new world record of 11.13 seconds for solving the Cube. Though he was lucky in that his Cube happened to be scrambled in a way that allowed him to skip a step of his solution, this still counts as the official world record.
Now, the new world record for Rubik's Cube is 7.08 seconds by Erik Akkersdijk of the Netherlands in July 2008. Though that's the official world record, there are "speedcubers" who have unofficially made times under 7 seconds.
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