“Stay Off” Cryptocurrency Mask By Investing.com

Investing.com – The CEO of Tesla (NASDAQ 🙂 provided his input yesterday as the regulatory debate takes center stage in many countries around the world, especially China, as the country reiterated its hostility towards cryptocurrencies last week.

On Tuesday, he said the US government should refrain from trying to regulate the market.

As Musk said at the Code conference in Beverly Hills, Calif., “It’s not possible, I think, to destroy cryptocurrencies, but it’s possible for governments to slow their progress.”

Musk was responding to a question from Kara Swisher, a columnist for the New York Times. Swisher asked if the U.S. government should be involved in regulating the cryptocurrency arena. He replied, “I used to say, ‘Don’t do anything’.

Musk says China’s resilience to digital currencies is linked to the energy issue, and Musk viewed China’s hostile stance, which has reiterated and strengthened the ban on crypto-related activities, including the mining, is linked to “significant energy production problems.” ” from the country.

Musk also said that “some of these measures may be due to the lack of energy in many parts of China.” “Much of southern China is currently experiencing random power outages as demand for electricity (SE 🙂 is higher than expected.”

“Cryptocurrency mining can play a role in this regard,” he added. Musk also touched on the decentralized nature of cryptocurrencies.

“I think crypto is basically about reducing the power of the central government, and they don’t like that,” Musk said.

Market now:

Bitcoin is now at $ 42,382 per symbol, up 1.37%.

$ 2,930 per token, an increase of almost 1%

At the same time, it increases by more than 8% in these times

And it increases by 3% to reach its price of 138,339