Recently, global regulators have been trying to dominate the cryptocurrency markets. As a current example of this situation, China’s central bank recently declared all cryptocurrency-related transactions illegal, saying that crypto platforms are prohibited from providing services to Chinese residents. SpaceX and Tesla CEO Elon Musk, who is closely followed by the crypto money market, also evaluated the pressure from China.
Speaking at the Code Conference in Los Angeles on Tuesday, Musk said of China, “They don’t seem to like crypto,” and added:
“I can’t speak very clearly on this subject, but cryptocurrencies will reduce the government power in China. That’s why they don’t like it. Power cuts may also have been influential in their decision, but I think the main event is that the central government will lose its power. They don’t want that.”
As you can see, Muskthinks the decentralized nature of cryptocurrencies could be a challenge for the Chinese government.
The famous CEO also suggested that China’s current crackdown on Bitcoin and other cryptocurrencies stems from concerns that the ruling Communist Party could undermine the power of the technology.
Musk also said that while he doesn’t consider himself a “big cryptocurrency expert,” regulators shouldn’t try to slow down cryptocurrency adoption. During his speech, Musk was also asked what government regulators should do in response to the adoption of cryptocurrencies. “I say they should do nothing,” Musk said. Let them fly.”
“A coin has no value in itself unless it is a medium of exchange between people. It is impossible for governments to destroy cryptocurrencies, but they can slow it down. I am not a cryptocurrency expert. It is true that it has value, but I cannot say that this technology or a cryptocurrency is the messiah.”
In summary, while regulators are trying to put pressure on the cryptocurrency industry, The Tesla CEO has once again openly expressed his support for crypto.