Elon Musk acknowledges that cryptocurrency will never be eliminated
By Bob Garcia
Cryptocurrency is here to stay, but the Tesla founder thinks governments can slow it down
Tesla and SpaceX founder Elon Musk is one of the loudest voices in the cryptocurrency world. He frequently uses his massive Twitter platform to post about various digital assets and often causes wild swings in their prices, which has led to an understanding of how much influence the multi-talented entrepreneur has over the space. According to Musk, there is no way to “destroy” cryptocurrencies, although “it is possible for governments to slow down its advance,” he said at the Code Conference on Tuesday.
After being asked several related questions about whether the US government should be involved in regulating the crypto space, Musk made it clear that it should not. For him, cryptocurrencies have reached a point where they have become indestructible, but he nevertheless believes that governments have the potential to slow their advance. Musk, who has often gone public with his support for various digital currencies via Twitter, was optimistic about the role of such assets in potentially reducing “error and latency” in legacy monetary systems.
“I wouldn’t say I’m a big expert on cryptocurrencies,” the multi-talented entrepreneur noted. However, he detailed that in his opinion, while he thinks these digital assets have value, he does not consider them to be the second coming of the Messiah. Even so, he firmly believes that regulators should not try to stop the adoption of cryptocurrencies.
Regarding the increasingly stringent measures announced last week by China’s central bank against cryptocurrencies, Musk believes they could be related to electricity shortages in many parts of the Asian country. There, he said, demand for power is proving to be higher than expected.
Earlier this year, US electric car maker Tesla reported that it had acquired Bitcoin worth $1.5 billion. Last week, the value of the cryptocurrency fell by 10% to $42,662 per unit. It is a matter of time to see if Musk’s recent comments will have any impact on this rate.