The cryptocurrency community and industry has been rocked recently thanks to efforts being made by the Chinese government to curb the meteoric rise of cryptocurrencies, chief among which is the decision to make any and all activities related to or centred around crypto-assets illegally. However, despite all of this, there are many who believe that no matter what happens from now on, the idea that cryptocurrencies can destroy is not one that is believable, given just how popular and widespread these digital assets have managed to become.
To that end, Elon Musk shared his opinions on the matter, echoing the aforementioned sentiment wherein he believes that the Chinese government can do whatever it wants to now and the crypto industry will still manage to survive in the long run. He also explained that one of the key reasons for his opinion has to do with the overall decentralized aspect of the crypto assets.
‘Crypto is undestroyable’
Regulators from every corner of the world are unrelenting in the combined approach to end cryptocurrencies once and for all, as the crypto industry represents a serious threat to the pre-existing and established traditional global financial system according to these institutions. Nevertheless, Elon Musk considers cryptocurrencies to ultimately be ‘undestroyable’, despite the ever-increasing scrutiny that the industry faces on a regular basis from the regulators.
The Tesla CEO added that he does not think that it is possible at this point to actually get rid of crypto. However, it is quite feasible that governmental and regulatory bodies will try to halt its advancement. Elon also stated that China would likely struggle to completely eliminate crypto from the equation given the decentralized nature of the digital assets, before also saying that the key reason as to why countries like China fear cryptocurrencies so much is because this industry represents a key movement towards reducing the power and influence of any given centralized government in favour of decentralization. The recent decision by China’s government may have also been influenced by massive electricity generation problems, he added.
Elon wants regulators to stop interfering
It is true that the Tesla and SpaceX CEO is not a ‘huge crypto expert’. However, he nonetheless believes that the mounting pressure and interference from the regulators towards the crypto industry needs to stop. He does not think that it is a good idea for these regulatory institutions to try and impede the progress of the crypto industry and the spreading of crypto adoption, as all this is doing is creating unnecessary issues.
Regarding the U.S government and whether it should get involved in terms of actively regulating cryptocurrencies, Elon also stated that the best course of action that the United States could take right now is to simply ‘do nothing.