Elon Musk is against the u.s. government regulating cryptocurrency
Cryptocurrency enthusiast Elon Musk said on Tuesday that the U.S. government should avoid regulating the crypto industry. At the Code Conference in California, Musk did not hesitate to air his views about the U.S. government trying to regulate cryptos.
Musk’s message clearly stated that the U.S. government should steer clear on regulating the crypto market. In his opinion, Musk believes that it is not possible to destroy cryptocurrencies. However, he said that he is certain the government could potentially slow down crypto’s advancement.
Elon Musk’s response on stage came from a question from New York Times columnist Kara Swisher. Swisher wanted to know Musk’s take on the U.S. government’s plan to regulate crypto space.
Musk’s Involvement with Crypto
Sure enough, Elon Musk is not a novice in the crypto frenzy. In fact, the American electric vehicle company owner purchased $1.5 billion worth of bitcoin earlier this year. This move proved worthwhile after Tesla’s holdings increased to about $2.5 billion in the second quarter of 2021. However, the price of Bitcoin later surged and continued to drop together with other cryptocurrencies.
Musk has been a notable supporter of various digital coins, especially on his Twitter account. He has backed coins like Bitcoin and Dogecoin in the past.
True enough, Musk strongly believes in the role of cryptocurrencies, especially in revolutionizing the financial space. He believes that crypto can reduce the “error and latency” in legacy money systems.
However, he alleged that cryptocurrencies do not have all the answers to society’s ills.
Musk said that he could not describe himself as a cryptocurrency expert. Nevertheless, he believes that cryptocurrency has some value, but he could not refer to it as the second coming of the Messiah.
Musk’s View on China’s Crypto Crackdown
Musk was not hesitant to address China’s role in crypto mining and regulations. China continues to display its never-ending mission of regulating cryptocurrencies and stopping crypto mining in the state.
Just recently, China’s crackdown intensified as its central bank made clear tougher measures to end cryptocurrencies within its boundaries. For example, it incorporated systems that can monitor crypto-related transactions.
Musk strongly believes that the crackdown could be related to the state’s significant electricity generation issues. He said that part of it might be due to electricity shortages in many parts of the nation.
Tesla’s CEO also noted that, at the moment, most of South China is experiencing random power shortages. He claimed it was due to unexpected higher power demand. He alleged that crypto-mining could be the cause of the power outages.
