“Do nothing”: Musk tells government on its crypto space involvement

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The government should get off on its attempt to put regulations on crypto space, said Elon Musk, Tesla CEO, on Tuesday.

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” the business magnate stated during a Code Conference in Beverly Hills, California as he addressed New York Times columnist Kara Swisher’s question regarding the involvement of the government in the crypto market.

“I would say, ‘Do nothing,’” he said.

Early this year, Tesla unveiled that it bought a total of $1.5 billion bitcoin. With the increase in bitcoin prices, the amount has jumped to $2.5 billion in the second quarter.

The ever-vocal digital coin supporter, Musk is firm on his stand regarding crypto’s role in cutting down “error and latency” in the money systems. However, crypto is not the all-around solution to all of the problems, he said.

 “I wouldn’t say that I’m a massive cryptocurrency expert,” he said. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”

Meanwhile, the entrepreneur also gave his remarks on China and its central bank’s serious move for eliminating crypto.

The measures, he said, are probably connected to China’s “significant electricity generation issues.”

“Part of it may actually be due to electricity shortages in many parts of China,” said Musk. “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,” he said, as reported by CNBC.

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