Government Shutting Down Cryptocurrency? Elon Musk Doesn’t Think So

September 30, 2021

In a message to governments around the world, Tesla CEO Elon Musk has said that while the advancement of cryptocurrencies can be slowed down, these digital assets cannot be destroyed now.

The crypto-supporting tech mogul further went on to reportedly advise the US government to do “nothing” about regulating crypto-space if the aim is to curb crypto-expansion.

The statement by the 50-year-old multi-billionaire came as he was addressing the “Code 2021” conference in the Beverly Hills area of Los Angeles, US. The Tesla CEO was responding to a question from New York Times columnist Kara Swisher who wanted to know if the United States government should be involved in regulating the cryptocurrency space.

Post China’s ban, the crypto market has witnessed major fluctuations this week, with the prices of highly valued ones like Bitcoin and Ether witnessing more lows than highs.

“Part of it may actually be due to electricity shortages in many parts of China. A lot of South China right now is having random power outages because the power demand is higher than expected. Crypto mining might be playing a role in that,” the Tesla CEO, who also heads space company SpaceX apart from EV-maker Tesla reportedly said, commenting on China criminalising association with crypto space.

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