Elon Musk said cryptocurrency regulators should "do nothing" and "let it fly

 

Tesla , Elon musk


" Tesla CEO Elon Musk said on Tuesday that governments should stay out of regulating the crypto market. currencies. “It's not possible, I think, to destroy cryptocurrencies,” Musk New York Times columnist Kara Swisher told the Code conference in Beverly Hills, Calif. 

"But it is possible that governments are slowing its progress." Instead, he thinks regulators should just "do nothing" and "just let it fly." 

Meanwhile, China launched its own cryptocurrency crackdown last week, banning all transactions and mining in the country. Musk weighed in on China's ban, noting that part of it is likely related to problems with power generation.


“Much of southern China experiences random power outages because demand for energy is higher than expected,” he explained.

 “Cryptocurrency mining could play a role in this regard. Musk himself warned of Bitcoin mining's 'insane' electricity consumption earlier this year and turned the tide by accepting the world's largest cryptocurrency as an alternative form of payment for Tesla vehicles due to its heavy reliance on fossils However, the electric vehicle maker still holds Bitcoin on its balance sheet after buying $ 1.5 billion in February . centralized government "and that the Chinese" don't like it. Looking ahead, Musk expressed hope that cryptocurrencies could help reduce "errors and latency" in the financial system, but stressed that he wouldn't call himself a “great cryptocurrency expert. Is

” I think there is some value in cryptocurrency, ”Musk said. “I don't think this is the second coming of the messiah, which everyone seems to be thinking. As of Wednesday's post, the cryptocurrency market has been trading higher, with Bitcoin currently around $ 42,000 per coin. and rivals Ethereum and Dogecoin around $ 2,900 and 20 cents per coin, respectively, according to Coindesk's real-time price tracker.

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