Skip to main content

Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should ‘Do Nothing’

http://motleybloggers.com/wp-content/uploads/2021/09/tesla-ceo-elon-musk-opposes-governments-regulating-crypto-says-they-should-do-nothing.jpg

Tesla CEO Elon Musk Opposes Governments Regulating Crypto, Says They Should 'Do Nothing'

Tesla CEO Elon Musk thinks governments should not try to regulate cryptocurrency. “I would say, do nothing,” he recommended. Musk believes that it is not possible to destroy crypto, but governments can “slow down its advancement.”


Elon Musk Says Governments Should ‘Do Nothing’ and Leave Crypto Alone


Tesla CEO Elon Musk discussed cryptocurrency and China on Tuesday at Code Conference in Beverly Hills, California. Responding to a question from New York Times columnist Kara Swisher about whether it is “the right thing” for governments to regulate and take control of cryptocurrency, and whether it is possible for them to do so, he said:


It is not possible to, I think, destroy crypto but it is possible for governments to slow down its advancement.


Musk was specifically asked what the U.S. government should do regarding cryptocurrency. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, was on stage at the conference earlier and he called cryptocurrency the Wild West of finance. The SEC chief also stressed that cryptocurrency will “not end well” if it stays outside the purview of regulators.


Responding to the question of what the SEC should do about crypto, if anything, the Tesla boss said:


I would say, do nothing.


He emphasized, “I wouldn’t [do anything], seriously,” elaborating that governments should “just let it play.”


Musk proceeded to talk about the long-term role of cryptocurrency in monetary systems. He noted that crypto “will hopefully reduce the error and latency in the money system, the legacy money system.”


The Tesla technoking has shown his support for cryptocurrency on several occasions. In August, he spoke against governments proposing “hasty” crypto legislation. Musk previously revealed that he personally owned bitcoin, ethereum, and dogecoin while his companies, Tesla and Spacex, just owned bitcoin. He hinted in July that Tesla owned about 42K BTC. Furthermore, Musk is sometimes called the Dogefather for his support of the meme cryptocurrency dogecoin. He sees DOGE as the “strongest” cryptocurrency for payments.

Regarding cryptocurrency in China, Musk was asked at the conference what the Chinese government is doing about cryptocurrency and bitcoin. He replied: “Well, it would appear that they don’t love cryptocurrency.”


Without specifically stating the reasons why China has been cracking down on crypto, he said, “China is having some significant electricity generation issues.” The Tesla CEO opined: “So, I think 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 so crypto mining might be playing a role in that. I’m not sure.” He concluded:


I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government and they don’t like that.


Do you agree with Elon Musk that governments should “do nothing” and leave crypto alone? Let us know in the comments section below.



Origina post from
http://motleybloggers.com/tesla-ceo-elon-musk-opposes-governments-regulating-crypto-says-they-should-do-nothing/

Comments

Post a Comment

Popular posts from this blog

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...
Post a Comment
Read more

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...
Post a Comment
Read more

Cardano MACRO REVERSAL Draws Near | XRP Prediction (Watch CLOSELY!)

http://img.youtube.com/vi/TWi-b9uRBdo/0.jpg https://www.youtube.com/watch?v=TWi-b9uRBdo Rumors swirl surrounding thr Ripple SEC case and xrp predictions also come into play. Cardano has been in a massive downtrend on the ADA charts, and momentum as it applies to physics might be the best picture we have into what is in store for ADA price. JOIN Crypto Capital Venture EXCLUSIVE Content ⚡⚡https://cryptocapitalventure.substack.com⚡⚡ 🟩 Bitcoin 4 Year Cycle Prediction - This May Change Your Mind On BTC https://youtu.be/IsKI359lAbQ Get Great Deal On TradingView subscription (the charts I use) USE MY LINK! - https://www.tradingview.com/?aff_id=114269 Follow me on my new Instagram ➡️ https://instagram.com/theofficialccv ⚡ Catch Me On Twitter ⚡ http://twitter.com/cryptorecruitr ⬇How To Stake Your Cardano In Minutes With Crypto Capital Venture!⬇ Stake Your ADA With Ticker: CCV1 ➡ https://youtu.be/cikJiJgRZFQ Crypto Cap...
Post a Comment
Read more