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As global regulators continue to scrutinize the cryptocurrency industry, Tesla CEO Elon Musk has expressed support for crypto, calling it undestroyable. “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said at the Code Conference in California, CNBC reported. Earlier, China had announced a complete blanket on cryptocurrencies that came as a surprise.
The decentralized nature of cryptocurrencies may be a challenge for the Chinese government.
According to the Tesla CEO, the decentralized nature of cryptocurrencies may be a challenge for the Chinese government, which announced a complete ban on cryptocurrencies last Friday. “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.”
Elon Musk says regulators should not be trying to slow down cryptocurrency adoption.
“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,” Tesla CEO said. Despite Musk not considering himself as a “massive cryptocurrency expert,” the tech mogul stressed regulators should not be trying to slow down the cryptocurrency adoption. When asked whether the United States government should be involved in regulating crypto, Musk responded: “I would say, ‘Do nothing.” Musk has emerged as a significant crypto price influencer on Twitter recently, with many experts linking his posts to massive price movements for tokens like Shiba Inu (SHIB), Dogecoin (DOGE), as well as Bitcoin.