Posted on Sep 29, 2021 11:31 am
Choosing the best broker to buy or sell cryptocurrencies
As global regulators continue to scrutinize the cryptocurrency industry, Tesla CEO Elon Musk has voiced his support for crypto, calling it indestructible.
“It is not possible, I believe, to destroy cryptocurrencies, but it is possible for governments to slow down their progress,” Musk said at the Code Conference in California, CNBC reported Sept. 28.
According to the CEO of Tesla, the decentralized nature of cryptocurrencies may present a challenge for the Chinese government, which announced a new war on cryptocurrencies last Friday.
“I guess cryptocurrencies are fundamentally about reducing the power of a centralized government,” Musk noted, adding, “They don’t like it. He also suggested that China’s latest crackdown on cryptocurrencies likely has something to do with the country’s “significant power generation issues.” “
“Actually, part of this may be due to power shortages in many parts of China. Much of southern China is experiencing random power outages, because the demand for electricity is higher than expected… ”. […] Cryptocurrency mining could play a role in this regard, ”he said.
While Musk does not consider himself a “cryptocurrency expert,” the tech mogul emphasized that regulators should not attempt to curb crypto adoption. When asked if the United States government should be involved in regulating cryptocurrencies, Musk replied:
“I would say, ‘Don’t do anything.’ “
Related: Dogecoin is more popular than ever … even as TXs hit their lows since 2017.
Musk has become a major influencer on cryptocurrency prices on Twitter, with many experts linking his posts to massive price movements for tokens such as Shiba Inu (SHIB), Dogecoin (DOGE), and Bitcoin (BTC). The CEO of Tesla has been widely criticized in the crypto community after he suspended Tesla’s BTC payment option over alleged environmental concerns about bitcoin mining in May 2021.
Musk previously sparked massive optimism in the cryptocurrency market by announcing a $ 1.5 billion purchase of bitcoins in February.