The US government should stay out of regulating the cryptocurrency market. This view was expressed by Elon Musk at the Code Conference in California, writes CNBC.
\n\n
“I think it’s impossible to destroy cryptocurrency, but governments can slow its advance,” said the billionaire.
\n\n
In his view, digital assets have potential relative to traditional finance. But cryptocurrencies are not a panacea for all of society’s problems, added the head of Tesla.
\n\n
“I wouldn’t call myself a big expert on cryptocurrencies. I think they have some value, but this is not the Second Coming of Christ,” emphasised Musk.
\n\n
He also linked the repression of China against the crypto industry with “significant problems in electricity generation.”
\n\n
“Power supply problems are emerging in the south because demand outstrips expectations. Crypto mining could have been a non-trivial factor in this,” the entrepreneur explained.
\n\n
Musk suggested that digital assets are inherently oriented toward reducing the powers of centralized government, which runs counter to the views of the ruling Chinese Communist Party.
\n\n
Earlier, in August, the Tesla head joined the criticism of the plan for expanded taxation of cryptocurrencies in the United States.
\n\n
Follow ForkLog’s bitcoin news in our Telegram — cryptocurrency news, prices and analysis.