Global regulators continue to monitor the cryptocurrency industry. Tesla CEO Elon Musk expressed support for crypto and called it undestroyable.
Musk stated that it was impossible to “destroy crypto” but that governments can slow down its progress at the Code Conference in California. CNBC reported September 28.
The CEO of Tesla said that the Chinese government may find it difficult to deal with the decentralized nature cryptocurrencies. He announced a new war against crypto last Friday.
Musk stated that “I think cryptocurrency is fundamentally aimed to reduce the power of the centralized government,” adding that “they don’t like it.” Musk also suggested that China’s recent crackdown on crypto may have something to do the country’s “significant problems with electricity generation.”
It could be partly due to electricity shortages in China. He said that South China is experiencing random power outages as a result of a higher power demand than anticipated […] “Crypto mining may be contributing to this,” he added.
Musk did not consider himself a “massive crypto expert”, but he stressed that regulators shouldn’t be trying to stop cryptocurrency adoption. Musk replied that the United States should regulate crypto when he was asked.
“I would say, “Do nothing.”
Related: Dogecoin is more popular than ever… even though Texass have hit their lowest level since 2017
Musk is a prominent crypto price influencer on Twitter. Many experts link his posts to huge price movements for tokens such as Shiba Inu, Dogecoin and Bitcoin (BTC). After Tesla CEO, Tesla was widely criticised in the crypto community for suspending Tesla’s BTC payments option in May 2021 due to alleged environmental concerns regarding Bitcoin mining.
Musk’s February announcement of a Bitcoin purchase worth $1.5 billion in February caused huge optimism in the crypto market.
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