Is the bitcoin client able to handle 58,000 transactions per second and a blockchain terrabytes or maybe even petabytes in size?
Which "bitcoin client" ?
The client-side of Multibit and electrum should have no problem handling that transaction volume. Only the transactions relevant to your wallet are sent to your machine when you are running those clients.
The reference implementation can't handle that transaction volume today, but I 100% guarantee that version 11.11 which I 100% guarantee will be released on November 11'th, 2022 will be able to handle that transaction volume.
I feel obliged to insert my standard disclaimer: Bitcoin is an experiment in progress. Only invest time or money that you can afford to lose, there is still a chance the experiment may fail for some reason we don't forsee. Past results are no guarantee blah blah blah.
That said, I'm more confident than ever that the network will be able to scale up and remain decentralized.