Elon Musk Pro-Crypto Stance: Governments Can't Destroy Crypto

2021-09-29 16:53:21
Elon Musk Is a Die Hard Crypto Supporter

In the midst of the global crypto-regulation trend, Elon Musk publicly shows his pro-crypto stance by referring to the digital coins indestructibility. While attending the Code Conference, the CEO of Tesla once again used the stage to support crypto and to give his opinion on the current situation.

It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.

Moreover, Elon Musk also believes that due to the unique decentralized features of crypto, regulators will have issues. Especially the intense Chinese crackdown on cryptocurrencies. And that everything indicates that it won’t be exactly a smooth sailing. Consequently, as the number one reason for that, he points out electricity, i.e. the power generating issues.

I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that. 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.Elon Musk | CEO of Tesla & SpaceX

Elon Musk doesn’t see himself as being a ‘massive cryptocurrency expert’. Yet, despite this modest self-observation, the crypto community highly values the opinion of the CEO of Tesla. When answering on whether the US government should regulate crypto, he simply said:

I would say, do nothing.Elon Musk | CEO of Tesla & SpaceX
Shaping The Crypto Scene

The CEO of SpaceX and Tesla is clearly one of the few individuals that can single-handedly shake the entire crypto community. And the favourite platform for the tech mogul to express his views is definitely Twitter. In fact, just a couple of months ago Elon Musk caused Shiba Inu (SHIB) and Dogecoin (DOGE) to report record price spikes. He managed this just by posting a picture of his puppy.

doge coin

The same goes for bitcoin as well. Aside from perhaps saving the future of bitcoin with the $1.5m purchase back in February, he is a vocal supporter of the coin as well. As a result, Tesla even offered bitcoin (BTC) payments for customers up to a while ago.

However, due to the anti-environmental nature of the PoS mining systems, the CEO ordered this method to be removed.

While we are already familiar with the pro-crypto stance of Elon Musk, it is always interesting to see what this man think on this subject. And even more interesting to see how this person can easily manipulate the entire crypto trading community.

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