Tesla CEO, Elon Musk, said that the US government should “do nothing” and let the cryptocurrencies fly as their intervention reduce growth. He said that these digital assets are not the “second coming of the Messiah.”
In his recent conference in California on Tuesday, Musk shared his thoughts on US regulations on cryptocurrencies and the Chinese regulations.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” said Tesla’s CEO, Elon Musk. Later, he also shared his thoughts on what the government should do. He thinks they should do nothing and just let it fly.
Cryptocurrencies’ global values are constantly fluctuating due to China’s regulations to prevent money laundering and speculations. During the discussion of the crackdown in China, he said, “It would appear they don’t love cryptocurrency; it’s subtle but hinting in that direction. I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government, and they don’t like that.”
According to him, the reason behind China’s concern could be the electricity shortage problems because it takes a lot of power consumption to mine cryptocurrency. He also added that cryptocurrency has some value, but some people think of it as the second coming of Messiah, which it isn’t.