Elon Musk is adamant that governments will be incapable of eradicating cryptocurrency.
Elon Musk, CEO of Tesla, commented on China’s most severe cryptocurrency prohibition to date during the Code Conference on Sept. 28. Musk believes that the Chinese government does not support cryptocurrency in view of recent occurrences.
While Musk cannot specify the source of this hostility, he thinks that the Communist Party of China is opposed to cryptocurrencies because they constitute a danger to the central government.
Cryptography, I’m guessing, is primarily focused on diminishing the authority of centralized government, which they don’t like. Musk believes that cryptocurrency is valuable because governments cannot regulate it.
You know, when governments are unable to keep their hands out of the cookie jar and update the money database, that probably has some value.
According to Musk, the mining prohibition could also be tied to the escalating power shortages currently afflicting China’s southern provinces.
Cryptography is unbreakable.
Musk half-jokingly concluded that it is a positive thing if the market goes up while commenting on his capacity to affect the market with a single tweet. With that stated, Musk feels that cryptocurrencies have a “long-term aim.”
The entrepreneur adds that while it is difficult to “destroy” cryptocurrencies, he believes governments will certainly limit the industry’s progress.
Musk is also confident that the Securities and Exchange Commission in the United States should “do nothing” in terms of cryptocurrency regulation.
Tesla’s CEO, on the other hand, made it abundantly apparent that he does not consider crypto as the second coming of Messiah:
I would not claim to be a colossal cryptocurrency expert… Cryptocurrency has some intrinsic worth. I don’t believe it’s comparable to the second coming of Messiah… It should ideally result in a reduction of error and slowness in the money system.
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