Elon Musk Says It’s Impossible to Destroy Crypto, Asks U.S. Government to Avoid Regulations

Tesla CEO and billionaire Elon Musk has finally spoken in favour of the crypto community. During his recent comments at the Code Conference in California, Musk called crypto as indestructible.

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” he said.

New York Times columnist Kara Swisher further asked Elon Musk about his opinion on regulating the crypto space. Responding to it, the tech billionaire said: “I would say, ‘Do nothing’”.

Elon Musk has been quite vocal about his views on crypto over the past few months. His electric car company Tesla has invested $1.5 billion of its reserve cash in bitcoin in February 2021. Besides, the company also started accepting bitcoin payments against car purchase. But later in May, it dropped this decision citing the carbon footprint led by the Bitcoin mining activities.

However, Elon Musk remains bullish on the future of crypto stating that it helps to reduce the “error and latency” in the legacy money systems. But he warned that investors should not treat crypto as the answer to all matters of the world. “I wouldn’t say that I’m a massive cryptocurrency expert,” said Musk. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”

Interestingly, Musk also spoke about the massive crackdown by the Chinese government on the crypto space. He noted that the decentralized nature of cryptocurrencies must be a challenge for China. “I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that,” he said.

Besides, Musk also noted that the recent crackdown by China on crypto has something to do with the country’s “significant electricity generation issues” Musk added: “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 has emerged as a significant price influencer in the crypto space. Unlike other business people, Musk hasn’t been shy on sharing his views regarding crypto in general. Apart from Bitcoin, Musk has been vocal about a number of other cryptocurrencies. One of his favourites is meme cryptocurrency Dogecoin (DOGE).