Tesla CEO Elon Musk is not letting himself get worked up over global legislators scrutinising cryptocurrency, as he has recently expressed support for crypto and deeming it indestructible.
At the Code Conference in California, Musk said that although it is impossible to “destroy crypto”, governments are still able to slow down its progress.
In light of the recent (or recurring) crypto crackdown in China, the Tesla CEO remarked that the decentralisation of cryptocurrencies may be a challenge for the Chinese government. He added that the Chinese government do not like the fact that cryptocurrency is originally created with the aim to reduce the power of a centralised government. Musk also suggested that China’s prominent electricity generation issue is a likely culprit behind the crackdown.
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.
Although Musk do not see himself as a prominent cryptocurrency guru, he emphasised that the legislators should not hinder the adoption of cryptocurrency. He believes that the US government should not involve themselves with the regulation of crypto when presented with the question.