At the Code Conference at Beverly Hills, California Elon Musk was asked about his views on the current regulatory scenario. The Tesla boss Elon Musk, also known as the Doge Father suggests that the US regulators should let the cryptocurrencies remain unregulated.
“It is not possible to, I think, destroy crypto, but governments can slow down its advancement,” commented Elon Musk in a statement at the conference.
New York Times columnist Kara Swisher was interviewing the Tesla and SpaceX CEO Elon Musk. She questioned Musk’s opinion of the US lawmakers trying to regulate the crypto space.
Musk replied, “I would say, Do nothing… I would say, just let it fly.”
Elon Musk Opines Upon China’s Crypto Crackdown
China’s cryptocurrency crackdown over the years has advanced in segments. Last week, China declared all cryptocurrency transactions as “illegal” and banned any activity carried out by cryptocurrency.
Also Read: China Claimed Cryptocurrency as “Illegal”
Elon Musk feels that China’s reason behind such an anti-crypto stance is the “significant electricity generation issues.”
“Part of it may be due to electricity shortages in many parts of China,” continued Musk.
“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’s stance upon being questioned over the heated topic of a crypto crackdown by Chinese regulators, “It would appear they don’t love cryptocurrency; it’s subtle but hinting in that direction.”
Tesla’s Crypto Holdings Surged up in Price
Earlier this year, Tesla invested in Bitcoin worth $1.5 million. The Bitcoin price surged to $2.5 billion. Bitcoins prices have dropped numerous times since then, however, they tend to get back on track, along with other cryptocurrencies.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government, and they don’t like that.” Said Elon Musk.
Musk states, “I wouldn’t say that I am some massive cryptocurrency expert.”
“I think there is some value in cryptocurrency. I don’t think it is like the second coming of the messiah, which is what some people seem to think.”
The crypto enthusiastic entrepreneur embraces crypto and makes the most out of it. His on-stage replies somehow suggest this notion for others to follow.