As global regulators continue to scrutinize and hinder the crypto market, Elon Musk has expressed support for cryptos. He even called the crypto world indestructible.
Crypto is indestructible
“It is not possible to destroy crypto. However, it is possible for governments to slow down its progress.”Musk said at the Code Conference in California.
According to Tesla’s CEO, the decentralized nature of cryptocurrencies could pose a challenge to the Chinese government, which announced a new war on crypto last Friday.
“I think crypto has the goal of reducing the power of centralized governments. They don’t like that.”
In addition, he also suggested that China’s latest crackdown on crypto probably has something to do with the significant problems of electricity generation in the country:
“Some of that may be due to electricity shortages in many parts of China. Much of southern China is currently experiencing random power outages as power demand is higher than expected. Crypto mining could play a role in that.”
While Musk doesn’t consider himself a huge cryptocurrency expert, he stressed that regulators should not try to slow down crypto adoption. When asked whether the United States government should be involved in regulating crypto, Musk replied:
“I would say, ‘Do nothing.’”
Musk is a major crypto price influencer on Twitter. With many experts linking his posts to huge price movements for tokens such as Shiba Inu (SHIB), Dogecoin (DOGE) and Bitcoin (BTC). Tesla CEO has been criticized in the crypto community for suspending Tesla’s Bitcoin payment option. He did this because of the environmental issues of Bitcoin mining that came out in May 2021.
Musk previously sparked a lot of optimism in the crypto market by making a $1.5 billion Bitcoin purchase in February.
