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Tesla CEO Elon Musk Attacks Governments Trying To Regulate Crypto

Tesla CEO Elon Musk believes that governments should not try to regulate cryptocurrency. “I would say, do nothing,” he comments further. He thinks its impossible to destroy crypto,. However, noting that governments can “slow down its advancement.”

Additionally, During a Tuesday at Code Conference in Beverly Hills California, Tesla CEO Elon Musk discusses cryptocurrency and China. New York Times columnist Kara Swisher wants answers on whether it is “the right thing” for governments to regulate.

Also, and take control of cryptocurrency, and whether it is possible for them to do so.

Telsa CEO answers…
“It is not possible to, I think, destroy crypto but it is possible for governments to slow down its advancement.”

This is however is in direct opposite of what The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler thinks.

Notably, as he goes on in conference earlier to call cryptocurrency the Wild West of finance. More so, saying that cryptocurrency will “not end well” without the supervision of regulators.

Tesla’s Elon Musk Urges Governments To ‘Do Nothing

However, The Telsa Boss responds by saying what the SWC should do about Crypto:
“I would say, do nothing.”
He explains further, “I wouldn’t [do anything], seriously,” expressing that governments should “just let it play.”

Additionally, Musk mentions the role of cryptocurrency in the monetary system on a long term. Furthermore, He notes that crypto “will hopefully reduce the error and latency in the money system, the legacy money system.”

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The Tesla Boss is always showing his support for cryptocurrency on several occasions. In August, he attacks governments proposing “hasty” crypto legislation. Notably, Musk owns that bitcoin, ethereum, and dogecoin while his companies, Tesla and Spacex, has bitcoin on its balance sheet.

As he explains, saying that Telsa owns about 42K BTC. Additionally, Musk is mostly called the Dogefather due to his support of the meme cryptocurrency dogecoin. According to him, DOGE is the “strongest” cryptocurrency for payments.

Musk during the conference notes that China’s stance on cryptocurrency is because they hate it, “Well, it would appear that they don’t love cryptocurrency.”

“China is having some significant electricity generation issues.”
“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 then concludes
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government and they don’t like that.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.