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With the cryptocurrency industry in the spotlight this year with global regulators all over it, popular influencer and Tesla CEO Elon Musk stepped up for crypto and said it cannot be destroyed.
Speaking at the Code Conference in California on Tuesday, Musk said:
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,”
Commenting on China’s latest crackdown on crypto, the Tesla CEO and self proclaimed ‘Dogefather’ said that the decentralized nature of these digital assets have surely contributed and pose a challenge for the Chinese government.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government… They don’t like that.”
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He also noted that the latest Chinese crackdown on crypto could possibly be related to 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.”
Musk was also asked asked whether the United States government should be regulating crypto. Although he does not consider himself as a “massive cryptocurrency expert,” Musk stressed that whatever regulators do, it should not be slowing down cryptocurrency adoption. His advice:
“I would say, ‘Do nothing.’”
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Musk had previously stated that “government interference in currencies being a source of error.”
Musk is the number one influencer in the crypto space. A lot of his Twitter “advice” or some would call it “trolling” have seen significant price movements on not just meme coins like Dogecoin or Shiba Inu, but also Bitcoin. While Tesla holds over $1.5billion in Bitcoin, it nevertheless suspended payments in Bitcoin, still waiting to be resumed.