Tesla CEO Elon Musk has expressed support for crypto, calling it indestructible. He said that it’s not possible to destroy crypto.
It has been reported that he said the decentralized nature of cryptocurrencies may be a challenge for the Chinese government, which announced a new war on crypto last Friday.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that.”
However, 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.”
He further said:
“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 [...] Crypto mining might be playing a role in that.”
The report said that despite Musk not considering himself as a “massive cryptocurrency expert,” the tech mogul stressed regulators should not be trying to slow down cryptocurrency adoption.
When asked whether the United States government should be involved in regulating crypto, Musk responded:
“I would say, ‘Do nothing.’”
Likewise, Musk has emerged as a significant crypto price influencer on Twitter, with many experts linking his posts to massive price movements for tokens such as Shiba Inu (SHIB), Dogecoin (DOGE), as well as Bitcoin (BTC). The Tesla CEO was widely criticized in the crypto community after suspending Tesla’s BTC payments option over presumed environmental concerns about Bitcoin mining in May 2021.
Thus, Musk previously caused massive optimism on the crypto market by announcing a $1.5 billion Bitcoin purchase in February.