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Crypto can’t be destroyed but governments can slow it down, says Elon Musk

Musk believes that government intervention might be able to slow down crypto's development.

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Wed, 29 Sep 2021, 14:37 pm UTC

Crypto investors are becoming increasingly worried as regulators worldwide continue to scrutinize the digital asset industry. However, Elon Musk isn’t that concerned as he believes that governments wouldn’t be able to stop cryptocurrencies with regulations.

However, government intervention might be able to slow down its development. “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Elon Musk said at the Code Conference, CNBC reported.

The Tesla CEO was also asked during the conference whether the U.S. should regulate the crypto space. Musk stated that it would be best if it keep its hands off the crypto industry. “I would say, ‘Do nothing,’” he responded.

However, dealing with cryptocurrencies might be particularly challenging for the Chinese government due to their decentralized nature. Recently, Chinese regulators banned crypto trading and other crypto-related activities while tightening mining restrictions.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk added. “They don’t like that.”

The latest crackdown on crypto by Chinese authorities might be due to the significant electricity generation issues in the country. “Part of it may actually be due to electricity shortages in many parts of China,” the Tesla CEO said. “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 is known for his market-moving social media posts. While believes that crypto is useful, he also acknowledged that there’s a limit on how it may help address the financial system’s problems.

“I wouldn’t say that I’m a massive cryptocurrency expert,” Musk said. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”

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