In the wake of China’s blanket ban on cryptocurrencies, there have been opinions pouring in. Controversial crypto aficionado and investor, Elon Musk is at it again and has come out all guns blazing in support of cryptocurrencies.
In a recent interview, Elon Musk has said that governments cannot destroy cryptocurrencies despite desperate attempts. “It is not possible to, I think, destroy crypto,” he said.
Elon Musk has long been a strong proponent of cryptocurrencies. Earlier in the year, he promised that Tesla would accept Bitcoin payments for its electric cars in the US. However, he later backtracked on his decision drawing flak from crypto enthusiasts from across the globe.
As the US awaits the final approval of the over trillion-dollar infrastructure Bill, the debate around crypto regulations is once again ignited. Moreover, with China banning cryptocurrencies altogether, many policymakers in the US are seeing it as an opportunity while others warn caution.
Earlier last week, US Federal Reserve Chair Jerome Powell said that they have no plans to ban crypto. The statement came after China’s extreme crackdown on crypto assets and service providers. When he was asked if he has plans to ban crypto, as China did, he said the US has no such intention.
Elon Musk has come out and his statements coupled with what the US Federal Reserve Chair said earlier has helped the market sentiments. While Bitcoin showed temporary resistance and traded in green, the other altcoin prices reverberated the same.