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Tesla CEO Elon Musk says cryptocurrencies cannot be destroyed

As global regulators continue to scrutinize the crypto industry, Tesla CEO Elon Musk has expressed support for the cryptocurrencies, calling it indestructible.

“I think it’s impossible to destroy crypto, but governments can slow its development,” Musk said at the Code Conference in California, CNBC reported on Sept. 28.

According to Tesla CEO, the decentralized nature of cryptocurrencies could pose a challenge to the Chinese government, which announced a new war on crypto last Friday.

“I would argue that crypto is essentially aimed at reducing the power of a centralized government,” noted Musk, adding, “They don’t like that.” He also suggested that China’s recent crackdown on cryptocurrencies is likely to be related to “the significant.” Electricity generation problems in the country ”.

“Some of this could be due to power shortages in many parts of China. In large parts of southern China, random power outages are currently occurring because the electricity demand is higher than expected […] Cryptocurrency mining could play a role in this, he said.

While Musk doesn’t describe himself as a “great crypto expert,” the tech mogul insisted that regulators shouldn’t try to slow down the adoption of crypto. When asked whether the U.S. government should interfere in regulating cryptocurrencies, Musk replied:

“I would say: ‘Do nothing.'”

Related: Dogecoin (cryptocurrencies) is more popular than ever … even if TX hit its lowest level since 2017

Musk has emerged as a crypto price influencer on Twitter, with many experts linking his posts to large price movements of tokens such as Shiba Inu (SHIB), Dogecoin (DOGE) as well as Bitcoin (BTC). Tesla’s Tesla CEO was widely criticized in the crypto community after suspending Tesla’s BTC payment option in May 2021 over alleged environmental concerns about Bitcoin mining. .

Musk previously sparked massive optimism in the crypto market by announcing a $ 1.5 billion purchase of Bitcoin in February.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.