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‘It’s Not Possible to Destroy Cryptocurrency’: Elon Musk Says Governments Can Only Slow Crypto Growth Rate

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In a message to governments around the world, Tesla CEO Elon Musk has said that while the progress of cryptocurrencies may be slowing down, these digital assets can no longer be liquidated. The crypto-supporting tech mogul reportedly advised the US government to do “nothing” about regulating the crypto-space if the aim is to halt crypto-expansion. The 50-year-old multi-billionaire’s statement came as he was addressing the “Code 2021” conference in the Beverly Hills area of ​​Los Angeles, US.

“I think cryptocurrency is basically aimed at undermining the power of centralized government. They don’t like it,” news portal decrypt.co quoted Musk as saying on Wednesday, September 29. “I think it is not possible to destroy crypto, but it is possible for governments to slow down its progress”.

Musk’s suggestion to governments batting for “no action” against cryptocurrency comes days after China, the world’s most populous country, imposed a complete ban on cryptocurrency mining and trading.

Following China’s embargo, the crypto market saw major volatility this week, with the prices of highly valuable ones such as bitcoin and ether falling from higher to higher.

“Part of this may actually be due to power shortages in many parts of China. A lot of South China is experiencing random power outages right now because the demand for electricity is higher than expected. Crypto mining may play a part in this. The CEO of Tesla, who also heads space company SpaceX in addition to EV-maker Tesla, reportedly said, commenting on China’s criminalization of the crypto space.

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

The environmental impact of bitcoin mining has raised concerns around the world, and while countries such as China and Russia have outlawed the crypto space, other areas such as El Salvador and Miami, Florida in the US, crypto mining facilities for clean energy Trying to find solution.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on 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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