In Brief:
- Tesla CEO Elon Musk has said the cryptocurrency is “impossible to destroy”
- According to Elon Musk, regulators should not regulate the cryptocurrencies
- He said Chinese government banned cryptocurrency to stop the decentralization
Yesterday, Tesla CEO Elon Musk gave his thoughts on crypto at the Code Conference in Beverly Hills, California. He said that cryptocurrency is impossible to destroy.
When Kara Swisher, the New York Times columnist, asked whether the US government should regulate crypto space. He responded, “I would say, ‘Do nothing’.”
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” He said.
Musk on Chinese Crypto Crackdown
Musk addressed China’s recent ban on crypto mining and regulation. “I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk noted, adding, “They don’t like that.”
He also suggested that the latest Chinese crackdown on crypto is likely to have something to do with the country’s “significant electricity generation issues.”
“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 said.
Moreover, Elon Musk has also suggested that the government should not try to resist cryptocurrency adoption.
