As world regulators proceed to scrutinize the cryptocurrency trade, Tesla CEO Elon Musk has expressed help for crypto, calling it undestroyable.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk mentioned on the Code Conference in California, CNBC reported Sept. 28.
According to the Tesla CEO, the decentralized nature of cryptocurrencies could also be a problem for the Chinese authorities, which announced a new war on crypto final Friday.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk famous, including: “They don’t like that.” He additionally steered that the newest Chinese crackdown on crypto is seemingly to have one thing to do with the nation’s “significant electricity generation issues.
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“Part of it may actually be due to electricity shortages in many parts of China. A lot of South China right now is having random power outages, because the power demand is higher than expected […] Crypto mining might be playing a role in that,” he mentioned.
Despite Musk not contemplating himself as a “massive cryptocurrency expert,” the tech mogul pressured regulators shouldn’t be attempting to decelerate the cryptocurrency adoption. When requested whether or not the United States authorities must be concerned in regulating crypto, Musk responded:
“I would say, ‘Do nothing.’”
Musk has emerged as a big crypto value influencer on Twitter, with many specialists linking his posts to massive price movements for tokens like Shiba Inu (SHIB), Dogecoin (DOGE), in addition to Bitcoin (BTC). Tesla CEO of Tesla was widely criticized in the crypto community after suspending Tesla’s BTC fee possibility over presumed environmental issues about Bitcoin mining in May 2021.
Musk beforehand brought on huge optimism on the crypto market by announcing a $1.5 billion worth Bitcoin purchase in February.