As global regulators continue to review the cryptocurrency industry, Tesla CEO Elon Musk expressed his support for cryptocurrency, saying it is indestructible.
“I think it is impossible to destroy cryptocurrency, but the government may slow its progress,” Musk said at the code conference in California, CNBC Report September 28.
The CEO of Tesla stated that the decentralized nature of cryptocurrency may pose a challenge to the Chinese government. Announcing a new war against cryptocurrencies last Friday.
“I think the fundamental purpose of cryptocurrency is to weaken the power of the central government,” Musk pointed out, adding: “They don’t like that.” He also said that China’s latest crackdown on cryptocurrency may be related to the country’s “significant power generation”. Question” related.
“Part of the reason may actually be due to power shortages in many parts of China. Now many places in southern China are experiencing random power outages because power demand is higher than expected. […] Crypto mining may play a role in this,” he said.
Although Musk does not consider himself a “large cryptocurrency expert,” the tech tycoon emphasized that regulators should not try to slow down the adoption of cryptocurrencies. When asked whether the U.S. government should participate in regulating encryption, Musk replied:
“I would say,’Do nothing.'”
related: Dogecoin is more popular than ever…even if TX reaches its lowest level since 2017
Musk has become an important cryptocurrency price influencer on Twitter, and many experts link his posts to Large-scale price changes of tokens Like Shib (SHIB), Dogecoin (DOGE) and Bitcoin (Bitcoin).Tesla CEO is Tesla Widely criticized in the crypto community Tesla’s BTC payment option was suspended in May 2021 due to environmental concerns about Bitcoin mining.
Musk has previously passed Announced the purchase of $1.5 billion worth of Bitcoin In February.