Tesla CEO Elon Musk remains behind the cryptocurrency market for now. According to the billionaire, crypto like bitcoin (BTC) are “indestructible” and the US government should stay away from the market. So says the SpaceX CEO in an interview with CNBC, published on September 28.
Tesla CEO Elon Musk says US government should avoid regulating crypto https://t.co/GLILUFBDj5
— CNBC (@CNBC) September 28, 2021
Last week, the Chinese government again started cracking down on the crypto industry. According to Musk, this is due to bitcoin mining and “significant problems with 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 may play a role in that.”
Musk said at the Code Conference in Beverly Hills, California. He adds that the decentralized nature of crypto poses a challenge to China’s totalitarian regime.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that there.”
According to Musk, crypto is indestructible, but governments can slow down the development of the market:
“It is not possible, I believe, to destroy crypto, but it is possible for governments to slow its progress.”
According to Musk, it would be best if the US government stays away from regulation. “Don’t do anything, I’d say,” Musk said. Musk believes that crypto has a lot of potential to improve traditional money systems, but that it is not the answer to everything:
“I wouldn’t say I’m a huge cryptocurrency expert. I think cryptocurrency has some value, but I wouldn’t say it’s the second coming of the Messiah.”
