Sunday, February 5, 2023

Crypto Is ‘Indestructible’, Says Tesla’s Owner

Amid the crypto industry being scrutinized, globally, Elon Musk, the CEO of Tesla, has come in support of it and calling cryptos indestructible. 

Recently, while speaking at the Code Conference in California, Musk stated, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”

His statement came after China declared cryptos illegal in the country. 

The CEO of Tesla believes that China has initiated a new war against cryptocurrency because its decentralized nature is a big challenge for the country.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk noted, adding, “They don’t like that.”

Further, he stated that China’s latest crackdown on cryptocurrency could also be because of the country’s electricity generation issue.

The CEO of Tesla mentioned, “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.”

Musk also believes that the US government should not regulate cryptos. Although he does not consider himself to be a massive expert on cryptocurrency, Tesla’s owner suggests that the regulators should not try to slow down the adoption of cryptocurrency. 

The CEO of Tesla has been one of the significant price influencers of cryptos. Musk, himself owns several cryptocurrencies, his one tweet about any of the cryptocurrencies has always initiated a price movement. 

A few months ago, he suspended the BTC payment for Tesla, the crypto community criticized him for that. 

In February, he caused massive optimism on the crypto market by announcing a $1.5 billion Bitcoin purchase.

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