- Elon Musk is a firm believer that ‘It’s not possible to destroy crypto but the government can slow its advancements’
- Speaking at the Code conference last month he said ” governments are clamping down on cryptocurrencies because it denies them the power of financial centralization but rather gives decentralized financial power to the people”
- He further stated “I think there is some value in cryptocurrency, but I wouldn’t categorically say it’s the second coming of the messiah”
Historical precedent shows that countries that fight technology eventually end on the wrong side of history, the decentralized nature of cryptocurrencies is a great challenge for Chinese and some other governments of the world, even with heightened scrutiny big crypto investors/enthusiasts like Elon musk CEO of Tesla believes that crypto has come to stay. He opined that ‘crypto is indestructible, it’s not possible to destroy crypto but the government can reduce its advancements, acceptance & adoption.
Major Reasons for Crypto-crackdown
Elon Musk said at the Code conference in California that the underlying reason for these antagonistic actions of the government against cryptocurrencies is that crypto breaks completely the hold of centralized financial systems and the current Chinese crackdown on cryptocurrencies has a lot to do with the country’s “significant electricity generation issues”.
“The position by the Chinese government may be partly due to the issues of electricity shortage in many parts of China, especially South China that currently has series of power outages because power demand is higher than expected and the act of crypto mining might be a major reason for this demand”
When asked whether the United States government should be involved in regulating crypto, The Tesla CEO and alleged “, massive crypto expert” responded, “I would say, ‘do nothing.”
Musk has Growing Influence in Crypto
In the last six months, Elon Musk seems to have attained a significant status of a crypto influencer many experts have linked his post as the major fundamentals that created the massive price action for Shiba Inu (SHIB), Dogecoin (DOGE), as well as Bitcoin (BTC). His decision to suspend the BTC payment option for Tesla’s purchase elicited widespread criticism from the crypto community.
Sometimes in February Elon musk ignited a massive push up for the market by announcing a $1.5 billion purchase of Bitcoin.
