Elon Musk claims that governments can only limit the rate at which cryptocurrencies grow.

Tesla CEO Elon Musk stated in a statement to governments around the world that while the growth of cryptocurrencies can be delayed, these digital assets cannot be destroyed at this time. If the goal is to restrict crypto-expansion, the crypto-supporting tech billionaire is said to have advised the US government to do “nothing” about regulating the crypto-space. The 50-year-old multi-billionaire made the comment while speaking at the “Code 2021” conference in the Beverly Hills neighborhood of Los Angeles, California.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that,” On Wednesday, September 29, the news portal decrypt.co reported Musk as stating, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement”.

Musk’s advice to nations considering “no action” against cryptocurrency comes just days after China, the world’s most populous country, issued a blanket ban on cryptocurrency mining and trade.

The crypto market has seen huge changes this week as a result of China’s ban, with the values of highly valuable cryptos like Bitcoin and Ether seeing more lows than highs.

“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,” Tesla CEO Elon Musk, who also runs space firm SpaceX in addition to EV-maker Tesla, allegedly stated in response to China’s criminalization of cryptocurrency.

Bitcoin manufacturing is expected to create between 22 and 22.9 million metric tonnes of carbon dioxide emissions per year in the foreseeable future, according to a study30255-7) published in the scientific journal Joule in 2019.

The impact on the environment of Bitcoin mining has raised concerns around the world, and while some countries, such as China and Russia, have made the crypto space illegal, others, such as El Salvador and Miami, Florida in the United States, are working to find clean energy solutions to make crypto mining more accessible.

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