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Elon Musk critical of cryptocurrency regulation

Elon Musk critical of cryptocurrency regulation

Elon Musk, Tesla’s CEO, says the US government should avoid regulating cryptocurrencies. Harsh words also on the restrictions imposed by Beijing.

Elon Musk: “The US shouldn’t regulate cryptocurrencies”

Elon Musk continues to shake the cryptocurrency world. The Tesla CEO he spared no criticism of the US government for crypto regulations. Here is what she said on the occasion of the Code Conference in Beverly Hills:

“Governments cannot destroy cryptocurrencies. This is why they try to stem the problem by slowing down its spread “

Musk, responding from the stage to a question from New York Post columnist Kara Swisher, who asked him what the government should do about it, added:

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“Nothing. He shouldn’t do anything ”.

CNBC reports that Tesla, in early 2021, said he had bought Bitcoin for a value of 1.5 billion dollars. That value would have grown to about $ 2.5 billion in the second quarter, following the rise in Bitcoin prices. This was until the recent cryptocurrency crash, which involved almost all the digital currencies in circulation.

Musk, who has often touted his support for various cryptocurrencies on Twitter, is optimistic about the role of digital currencies. He believes they are key to potentially reducing error and latency in monetary systems. However, Elon Musk acknowledged that cryptocurrencies are not the panacea for all the ills of the economic system.

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“I don’t consider myself a big cryptocurrency expert,” Musk said. “I think they have value and potential, but I wouldn’t say it’s the second coming of the Messiah.”

Criticism also for the restrictions imposed by Xi Jinping

Tesla’s CEO also commented on China’s restrictions on digital currencies. For Musk, the real motivations behind the moves of Xi Jinping, are of an economic nature. To the detriment of the official reasons issued by the Chinese bank, which they speak of reduction in the crime rate linked to crypto.

“The country’s significant electricity generation problems are hidden behind the move by Beijing,” said Musk. “Much of southern China is experiencing random power outages as energy demand is higher than expected. Part of this problem could be the cryptocurrency mining process, which is very energy-intensive “

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However, Musk has not spared criticism of Beijing, asserting that there is also the will to maintain and centralize monetary power:

“I suppose cryptocurrency is basically aimed at reducing the power of a centralized government. And I don’t think China likes this “