Elon Musk Says Nothing Will Ever Destroy Cryptocurrencies

Recently, Tesla chief Elon Musk said at a Conference that the U.S. government should stop its determination to regulate the crypto market. He also added that cryptos are indestructible. Still, the governments can only slow down their advancement.

Elon is Confident In the Future of the Crypto World

During the Code Conference in Beverly Hills, California, Elon stated that the United States government should stop regulating cryptos. He also added that no one can ever destroy cryptos, but the regulators can slow down its advancements.

Musk made these remarks as a reply to a question from New York Times reporter Kara Swisher. Swisher had asked whether it is wise for the U.S government to regulate crypto markets. Elon said, “I would say, ‘Do nothing.'” According to him, cryptos have more pros than cons, and blockchain technology is already ‘invincible’ now.

Tesla CEO’s Crypto Involvements

In 2021, Elon has strongly advocated for cryptos and digital assets. He has made several comments about cryptos through his official Twitter account and to the press, which greatly influenced the crypto space. Earlier in the year, Elon announced that Tesla was purchasing $1.5 B worth of BTC, making him a crypto whale. The value of their stash swelled to almost $2.5 B in Q2 of 2021.

As per recent reports, Musk has frequently shown his support for cryptos believing that they can reduce ‘error and latency’ in the monetary systems. They also noted that Musk acknowledged that however enticing the cryptos are, they do not hold the solution to all of society’s ills.

China’s Digital Currencies Regulation.

During the conference, Elon Musk also addressed the ongoing crypto crackdown in China. Last week, the Central Bank of China announced stricter crypto regulation measures. The bank also said that it has specialized systems to monitor crypto-related trades.

As per Musk, the main reason behind China’s crypto crackdown may be due to shortage of electricity in many parts of the country. He noted that many parts of China are experiencing random power outages due to the unexpected rise in the power demand. He also said that crypto-mining could be accountable for the ‘rise’ in power consumption. Musk also noted that since cryptos aim to reduce the power of centralized governments, China may not like such an idea.