‘Cannot Destroy Cryptocurrencies’: Elon Musk Says Governments Can Only Reduce Cryptocurrency Growth Rate

In a message to governments around the world, Tesla CEO Elon Musk said that while the advancement of cryptocurrencies can be slowed down, these digital assets cannot be destroyed now. The crypto-supporting tech mogul has further reportedly advised the U.S. government to “do nothing” to regulate the crypto space if the goal is to curb the expansion of crypto. The 50-year-old multi-billionaire’s statement came as he addressed the “Code 2021” conference in the Beverly Hills area of ​​Los Angeles, United States.

“I guess cryptocurrency is fundamentally about reducing the power of a centralized government. They don’t like it, ”Musk, the decrypt.co news portal, said on Wednesday, September 29. “It is not possible, I think, to destroy crypto, but it is possible for governments to slow down its progress.”

Musk’s suggestion to governments fighting “no action” on crypto comes days after the world’s most populous country, China, imposed a blanket ban on mining and trading in cryptocurrencies.

After China’s ban, the crypto market saw major swings this week, with the prices of highly regarded stocks like Bitcoin and Ether experiencing more lows than highs.

“This may in fact be due in part to power shortages in many parts of China. Much of southern China is currently experiencing random power outages as demand for electricity is higher than expected. Crypto mining could play a role in this, ”said the CEO of Tesla, who also runs space company SpaceX outside of electric vehicle maker Tesla, commenting on China criminalizing association with the crypto space.

In 2019, a study 30255-7) by the scientific journal Joule stated that the production of Bitcoin is expected to generate between 22 and 22.9 million metric tons of carbon dioxide emissions per year in the near future.

The environmental impact of Bitcoin mining has raised concerns around the world, and while countries like China and Russia have illegalized the crypto space, other regions like El Salvador and Miami, Florida in the United States is trying to find clean energy solutions to facilitate crypto mining.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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