Crypto Is Impossible To Destroy, Says Tesla CEO Elon Musk

The decentralized nature of cryptocurrencies may be a challenge for the Chinese government, Elon Musk suggested. Read the full article by Helen Partz

The decentralized nature of cryptocurrencies may be a challenge for the Chinese government, Elon Musk suggested.

It has shown that the bigger the cryptocurrency gets, the more global regulators want to step in and well.. regulate.

As much as governments or regulators want to have a grip on the industry, they need to take a long hard look at the real difference blockchain can make on the world.

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said at the Code Conference in California, CNBC reported Tuesday.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk noted, adding, “They don’t like that.” He also suggested that the latest Chinese crackdown on crypto is likely to have something to do with the country’s “significant electricity generation issues.”
So what is Musk’s take on what the government should do with cryptocurrency, “I would say, ‘Do nothing.’”