Regulatory agencies are focusing their attention on the cryptocurrency space, but Elon Musk has advised the US government not to regulate the market.
Elon Musk says it is not possible to destroy crypto
The CEO of Tesla, Elon Musk, has stated that it is impossible to destroy cryptocurrencies. However, he believes that the government can slow down its advancement. His comments come on the heels of China imposing new policies against cryptocurrencies.
Musk said this while speaking at the Code Conference in Beverly Hills, California. He was responding to a question from New York Times columnist Kara Swisher who wanted to know if the US government should be involved with regulating the crypto space.
Musk said, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
He added that he would advise the United States government to do nothing regarding cryptocurrency regulation. Overregulating the cryptocurrency market could slow down the innovation in the space.
Crypto doesn’t have all the answers
Elon Musk admitted that although he is a fan of cryptocurrencies, he doesn’t think they have all the answers to society’s ills.
Musk said, “I wouldn’t say that I’m a massive cryptocurrency expert. I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”
Tesla bought bitcoins worth $1.5 billion earlier this year. Although Musk criticized Bitcoin for its high energy usage earlier this year, he admitted that Tesla and SpaceX both hold bitcoins on their balance sheets. Tesla said it would start accepting bitcoins again if miners commit to using renewable energy.