Elon Musk “A Government Cannot Destroy Crypto”

According to Elon Musk, No Government will succeed in completely destroying Crypto Currencies.

Elon Musk urges US regulators not to get carried away by regulating cryptocurrency. According to him, these cannot be killed. And wanting to stop them would be like reproducing China’s mistakes and giving up fundamental freedoms.

“Crypto Currencies Cannot Be Stopped” According to Elon Musk

Elon Musk is still talking about him in the world of crypto currencies. Invited to the CODE conference which just ended on Wednesday, Musk commented on the legal cases that currently pit the United States government against the crypto world. Regulating this space is not a good thing, according to Tesla’s CEO. And he called on the government to give it up.

According to him, the government is more likely to shoot itself in the foot than to actually put in place a framework adapted to this new technology. A quick and hasty decision could have the opposite effects of regulation.

But his most noticed speech came after. The owner of Space X didn’t just give his opinion on regulations and cryptocurrencies. He warned regulators in his country. Because according to him, crypto currencies cannot be killed. If the government of the United States of America was serious about getting into a confrontation with cryptos, it could slow them down at best. But in no case destroy them completely.

“It is not possible, I think, to destroy crypto, but it is possible for governments to slow its progress.”

Tesla’s CEO hasn’t always been a supporter of cryptocurrencies. In 2017, a user had called him to ask him if it was he who was hiding behind the pseudonym of Satoshi Nakamoto. At the time, Mr. Musk did not seem particularly aware of the situation around Bitcoin BTC and other cryptocurrencies.

Elon Musk, Crypto Influencer

But for some time now, the situation has changed a lot. During the Bull run phases of the market at the start of the year, the billionaire’s position on the subject was fully displayed on all social networks. Between speaking out for Bitcoin, defending Dogecoin and inadvertently pumping other crypto “memes” like Shiba Inu, Elon Musk’s influence has been felt more. The latter has almost become a market influencer.

So much so that he took an active part in the development of the ecosystem, and in particular of Dogecoin. The emblematic crypto of internet communities has become his hobbyhorse. The latter did not hesitate to declare on Twitter that the DOGE was of much more interest for the future and the means of payment than Bitcoin. A position that was not well received, especially after its sudden change of position on digital gold.

Indeed, his company Tesla had to accept payments in crypto currencies since the beginning of the year. A start that has taken place, with Bitcoin as the purchase currency for Tesla. Except that after ecological considerations, the company backtracked. A turnaround experienced as a betrayal by the Bitcoiners. A heightened feeling when the billionaire praised the merits of Dogecoin.

But Elon Musk’s recent speech on the inherent power of cryptocurrencies should reassure everyone.

The ecological impact, the eternal argument of the anti

The environment is one of the main concerns when giant industrial players take an interest in cryptocurrencies. This is, for example, the reason why Iran had suspended mining on its soil for 4 months. A ban that has just been lifted. This is also the reason cited by China for the giant ban of miners in its territory. This ban had had such an impact that the Hashrate, the mining difficulty that adapts to the number of miners, had suddenly dropped by 50%.

Mr. Musk also highlighted the energy problems facing the Middle Kingdom. According to him, the country has major electricity problems, which are causing blackouts in several regions of the country. The mining industry could be at the origin of these blackouts. This is logical reasoning, because the same situation had taken place in Iran. When the heat began, several cities suffered power cuts, including Tehran.

The ecological impact was also the reason given by Tesla for abandoning, or at least temporarily suspending, payments in Bitcoin. Indeed, at the time, a large proportion of the energy used for mining cryptocurrency was of fossil origin and extremely polluting. The boss of Tesla, who praises the ecological aspect of his electric cars, then promised to reconsider the question when the sources of energy of mining would be mainly of renewable origin.

An argument that can hide other motivations

But the ecological impact is only an argument. Also according to the statement of the Chairman and CEO of Tesla, China may have other reasons for the ban it is covering in terms of crypto currencies. Indeed, the ban on mining centers may have been linked to the power cuts. But recent bans relate much more to use. With in particular the ban of information sites like Trading View and Coin Market Cap via the Grand Par Feu Chinois – The Great Firewall.

Restrictions that accompany a prohibition of exchanges in crypto currencies. And an unprecedented legal burden from China on digital currencies. The reasons for such an attack could be rooted in deprivation of liberty and a fear of the power that crypto gives to the population. All the more so in a country where control and order are vital.

In this context, we better understand Elon Musk’s speech against American lawmakers. Not only does he tell them that a ban will not work, but in addition he advises them not to take the lead of China, towards ever more deprivation of liberty, and democratic retreat.

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