Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should ‘Do Nothing’

Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should 'Do Nothing'

Tesla CEO Elon Musk thinks governments should not try to regulate cryptocurrency. “I would say, do nothing,” he recommended. Musk believes that it is not possible to destroy crypto, but governments can “slow down its advancement.”

Elon Musk Says Governments Should ‘Do Nothing’ and Leave Crypto Alone

Tesla CEO Elon Musk discussed cryptocurrency and China on Tuesday at Code Conference in Beverly Hills, California. Responding to a question from New York Times columnist Kara Swisher about whether it is “the right thing” for governments to regulate and take control of cryptocurrency, and whether it is possible for them to do so, he said:

It is not possible to, I think, destroy crypto but it is possible for governments to slow down its advancement.

Musk was specifically asked what the U.S. government should do regarding cryptocurrency. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, was on stage at the conference earlier and he called cryptocurrency the Wild West of finance. The SEC chief also stressed that cryptocurrency will “not end well” if it stays outside the purview of regulators.

Responding to the question of what the SEC should do about crypto, if anything, the Tesla boss said:

I would say, do nothing.

He emphasized, “I wouldn’t [do anything], seriously,” elaborating that governments should “just let it play.”

Musk proceeded to talk about the long-term role of cryptocurrency in monetary systems. He noted that crypto “will hopefully reduce the error and latency in the money system, the legacy money system.”

The Tesla technoking has shown his support for cryptocurrency on several occasions. In August, he spoke against governments proposing “hasty” crypto legislation. Musk previously revealed that he personally owned bitcoin, ethereum, and dogecoin while his companies, Tesla and Spacex, just owned bitcoin. He hinted in July that Tesla owned about 42K BTC. Furthermore, Musk is sometimes called the Dogefather for his support of the meme cryptocurrency dogecoin. He sees DOGE as the “strongest” cryptocurrency for payments.

Regarding cryptocurrency in China, Musk was asked at the conference what the Chinese government is doing about cryptocurrency and bitcoin. He replied: “Well, it would appear that they don’t love cryptocurrency.”

Without specifically stating the reasons why China has been cracking down on crypto, he said, “China is having some significant electricity generation issues.” The Tesla CEO opined: “So, I think 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 so crypto mining might be playing a role in that. I’m not sure.” He concluded:

I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government and they don’t like that.

Do you agree with Elon Musk that governments should “do nothing” and leave crypto alone? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3m9oyqy

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more