Tesla CEO Elon Musk says the U.S. government should avoid regulating crypto

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Tesla Chief Executive Officer Elon Musk It was stated on Tuesday that the US government should avoid trying to regulate the crypto market.

Musk said at the code conference in Beverly Hills, California: “I think it is impossible to destroy cryptocurrency, but the government may slow its progress.”

Musk answered questions from New York Times columnist Karlswisher on stage. She asked whether the U.S. government should participate in regulating the crypto space.

“I would say,’Do nothing,'” he said.

Tesla stated at the beginning of this year that it has Buy Bitcoin worth 1.5 billion US dollars.The value of these assets Inflated As the price of Bitcoin soared, it reached approximately $2.5 billion in the second quarter. Since then, Bitcoin and other cryptocurrencies have fallen together.

Read more about cryptocurrencies from CNBC Pro

Musk often touts his support for various digital coins on Twitter, and he is optimistic about the potential role of encryption in reducing “errors and delays” in traditional currency systems. But he admitted that cryptocurrency cannot solve all the problems of social ills.

“I would not say that I am a huge cryptocurrency expert,” Musk said. “I think cryptocurrency has some value, but I won’t say this is the second coming of the Messiah.”

Musk talks about China’s crackdown on cryptocurrencies

Musk also talked about China’s role in cryptocurrency mining and regulation.

last week, The People’s Bank of China clarified tougher measures in its broader crypto crackdown, including strengthening System for monitoring crypto-related transactions.

Musk said that this may be related to the country’s “major power generation problem.”

“Part of the reason may actually be due to power shortages in many parts of China,” Musk said. “Now many places in southern China are experiencing random power outages because power demand is higher than expected.”

“Crypto mining may have played a role in this,” he said.

At a higher level, the decentralized nature of cryptocurrency may pose challenges to the Chinese government.

“I think the fundamental purpose of cryptocurrency is to weaken the power of the central government,” Musk said. “They don’t like that.”

watch: Elon Musk says Bitcoin looks more environmentally friendly

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