Elon Musk is known to jump in from time to time in support of the crypto market and its community. Back in the day, he was heavily invested in Bitcoin and even managed to procure a hefty sum of tokens for its company Tesla. Later on, his interest and focus diverted towards Dogecoin, and Elon continued to support and raise awareness for the token. The regulators over the globe and especially in the US, are trying to impose strict regulatory policies on the crypto market, which don’t seem necessary. That is why Musk has jumped to the rescue of the crypto market by saying that crypto is impossible to destroy and strict regulations are not going to make it vanish overnight.
He further argued that the Chinese government might have some issues with the concept of decentralization, and it is the very reason why the country is imposing such strict regulations and a ban on crypto trading and investing. But China having all those issues with the crypto market is not going to reduce the speed at which cryptocurrencies are flourishing and going mainstream. Musk went on Twitter to provide the world with a tinge of what he thinks of the subject, and Musk believes that cryptocurrencies are rather indestructible.
No One Can Control Crypto
He further said that it is possible for the states and governments around the world to slow down the rolling of cryptocurrencies, but it is not possible for them to eradicate or make these cryptocurrencies vanish overnight. Thanks to decentralization, no single entity, state, or country are in charge of cryptocurrencies, and that is the most elementary silver lining for the modern world of finance. The very reason why China and many other countries around the world are making a move on the crypto sector says Musk is because they are afraid of losing their centralized government and rule over people’s money. He further said that they don’t like it one bit, and they are going to rain fire if that is what it takes to slow down the roll of cryptocurrencies or make them vanish.
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