JAKARTA – Supporter of cryptocurrency and also the boss of SpaceX, Elon Musk believes that the United States (US) government should not regulate the crypto market. The Technoking of Tesla also revealed that the US cannot destroy the crypto universe, but it can hinder the development of the crypto market.
This was conveyed by Elon Musk when responding to a question about whether the US should get involved and regulate the crypto world. Musk is a controversial figure who often supports cryptocurrencies. He is also rumored to own three cryptocurrencies namely Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
"I would say, do nothing," Musk advised, as quoted by CNBC International, Wednesday, September 29, 2021.
His electric car company, Tesla, bought Bitcoin for $1.5 billion in early 2021. The number of holdings grew to 2.5 billion US dollars as the price of Bitcoin skyrocketed. However, after that BTC plummeted followed by altcoins.
Elon Musk often gives his support for crypto through his Twitter tweets. Musk also looks at the future of crypto with optimism. According to him, crypto is very potential for future use because it can reduce errors and latency that exist in the current financial system. On the other hand, Musk also admits that he is not a great crypto expert.
“I would not say that I am an accomplished cryptocurrency expert. I think there is some value in cryptocurrencies, but I wouldn't say like the second coming of the Messiah," he said.
In addition, he also responded to China's policy which strictly prohibits crypto-related activities such as transactions and mining. According to Musk, it most likely has something to do with the problem of the shortage of electrical energy used in China. A number of areas in Southern China had to experience random power outages due to crypto mining.
“Part of it may actually be due to electricity shortages in many parts of China. Many areas in Southern China are currently experiencing random power outages, as electricity demand is higher than expected.”
The boss of the SpaceX rocket company also said that cryptocurrencies aim to reduce the dominance of centralized governments and China doesn't like that to happen.
“I think cryptocurrencies are basically aimed at reducing the power of a centralized government. They don't like that," Musk said.
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