“It’s Not Possible To Destroy Crypto,” says Tesla CEO Elon Musk
The Bitcoiner and SpaceX CEO does believe that governments can "slow down its advancement” while noting that “cryptocurrency is fundamentally aimed at reducing the power of the Chinese government.”
“Any form of money has no power in and of itself except as an exchange of value between people,” said Tesla CEO Elon Musk in an interview on Tuesday.
Musk, who has a love and hate relationship with the cryptocurrency community, recently had some positive views to share on the industry.
In a wide-ranging interview at the Code Conference in Beverly Hills, California, on cryptocurrencies, Musk said, “There is value in crypto, but I don’t think it’s the second coming of the Messiah,” he added:
“But it will hopefully reduce error and latency in the legacy money system.”
This year, Musk made the waves by announcing that the electric car maker has $1.5 billion worth of Bitcoin on its balance sheet and started accepting BTC as payments. He later also revealed that he personally owns BTC, Ether (ETH), and Dogecoin (DOGE) and that SpaceX holds Bitcoin as well.
The crypto community was excited about Musk’s support, only for it to come crashing down the same as Bitcoin price when the billionaire made uneducated comments on the largest cryptocurrency’s impact on the environment and blockchain scalability.
At the event this week, Musk commented on his influence on the price of crypto, saying it is a good thing but “if the price goes up.”
Besides Musk, China’s crypto ban in the summer was also a contributing factor in the 50% drop in BTC price in the month of May. This past week, China’s strongest regulatory signal against crypto yet again is keeping the prices subdued in the market.
Commenting on China’s action against crypto, Elon said, “It would appear they don’t love cryptocurrency.”
This could be due to the country’s “significant electricity generation issues,” which may in part be due to “electricity shortages in many parts of China” resulting in random power outages as demand for power being higher than expected and “crypto mining might be playing a role in that,” he said.
But more than that, the decentralized nature of cryptos may present a challenge for the Chinese government.
“Cryptocurrency is fundamentally aimed at reducing the power of the Chinese government, and they don't like that.”
Overall, he doesn’t believe that governments should take control of crypto. As for, if the US government should get involved in space, according to Musk, they should “do nothing.”
“It is not possible to, I think, destroy crypto,” he further said, adding, but it's possible for governments to “slow down its advancement.”