No, it's too quick for the streets and too low.

Speed is dependent on gearing. It's a direct-drive. Think of it like a fixed-gear bike. Depending on the rear sprocket I put on I either get better acceleration or better top end speed. Gearing is adjusted depending on the track. Most tracks have a mix of tight corners with a couple of long straights so a gear that supports both has to be picked. The way I like to set it up gives me a top speed at around 100km/h (~62 mph) at my favourite track.

There are different types of kart tracks. Here in Quebec we run European style tracks that have a distance of between 1 - 2 km. In Ontario and most of the US shorter tracks are run (400-800m). There also are races known as "Enduro" where karts are run on big, full sized tracks where cars usually run. These guys will run in excess of 100mph (160 km/h) using similar engines. Then there are the superkarts where 250cc shifter karts are run on full sized tracks and they will hit in excess of 150 mph (240 km/h).