In the wake of China’s decisive crackdown on cryptocurrencies, Tesla CEO Elon Musk stated that governments cannot destroy cryptocurrencies. He did caution, though, that governments might stifle the rise of Bitcoin and other digital currencies.
“It is not feasible, I believe, to kill crypto, but it is possible for governments to slow down its advancement,” Musk said at a recent tech event in California, according to CNBC.
Musk responded to the topic of whether the US government should control the cryptocurrency industry by saying, “Do nothing.”
In response to Beijing’s ban on cryptocurrencies, Musk speculated that the move may have been motivated by the country’s “severe energy-generating difficulties.” “..
“Part of it may be due to energy shortages in many regions of China,” says the author “Musk was cited in the paper as stating. “Random power disruptions are happening over most of South China right now due to higher-than-expected electricity demand.”
“Crypto mining might be a factor,” says the author “Added he.
The Chinese government may have a problem at higher levels due to the decentralized nature of cryptocurrency.
“I believe bitcoin is primarily aimed at limiting the authority of a centralized government,” says the author “Musk stated the following.
Tesla purchased Bitcoin for $1.5 billion early this year, and its value grew to $2.5 billion as the second quarter progressed. However, due to a series of mishaps, the value of Bitcoin and other cryptocurrencies has plummeted.
Musk has been a long-time supporter of cryptocurrencies, with several tweets about them on his Twitter account. He has, however, acknowledged that it would not address all problems.
