Tesla CEO Elon Musk considers crypto “undestroyable”
While global jurisdictions continue scrutinizing cryptocurrency industries, Elon Musk, Tesla CEO, has called crypto “undestroyable.”
Speaking at Code Conference in California, on September 28, Musk said that it is “Not possible to destroy crypto.”
He said that the decentralized nature of crypto tokens would pose to be a big challenge for the Chinese government, which has launched a series of new regulations to ban crypto trading in the country.
He further stated that the entire crypto revolution is actually aimed at “reducing the power of a centralized government.” He even added that several authoritarian institutions, governments particularly don’t like cryptocurrencies because of the same fact.
Musk pointed that the ongoing Chinese crackdown on the crypto sector is most probably due to their “significant electricity generation issues.”
Musk detailed that part of the Chinese government’s scrutiny might be due to electricity shortages in several parts of China. A considerable part of South China is facing power outages, and therefore crypto mining in the country might lead to more power demands.
Musk continued that although he himself is not a “massive cryptocurrency expert”, he stressed that regulators should not attempt to slow down the adoption of cryptocurrencies.
Elon Musk has emerged as an excellent crypto price influencer through Twitter. For the same reason, experts are linking this post of his to massive price movements for crypto tokens like Dogecoin (DOGE), Bitcoin (BTC) and Shiba Inu (SHIB).
Back in May 2021, Musk was also widely criticized within the crypto community after he suspended Tesla’s BTC payment option over potential environmental concerns in Bitcoin mining.
Musk had also previously caused colossal optimism in the crypto-verse by announcing a $1.5 billion worth Bitcoin purchase in February.