Elon Musk Warns US Government to Leave Bitcoin Alone
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On Tuesday, Tesla CEO Elon Musk told the US government to avoid regulating the cryptocurrency market
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The world’s richest man believes that any effort to regulate the cryptocurrency market will slow down its advancement
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At the time of this report, the global market cap for cryptocurrency stands at $1.8 Trillion
Tesla CEO Elon Musk has advised the United States government to steer clear of the cryptocurrency market.
Musk believes that it is possible for the government to slow down the advancement of the market by regulating it.
“It is not possible to, I think, destroy crypto, but the government can slow down its advancement,”
The billionaire made this statement while speaking at the Code Conference in Beverly Hills, California.
This was his answer to a question from New York Times columnist Kara Swisher, inquiring if the government should be involved in regulating the crypto space.
Elon Musk has been a strong supporter of the cryptocurrency market, with his company Tesla Inc. purchasing $1.5 billion worth of bitcoin earlier this year.
The billionaire has been bullish about the roles of cryptocurrency in addressing errors in today’s money system.
Elon Musk also addressed the crackdown on cryptocurrency in China and its role in mining.
The Tesla CEO believes that the Chinese government’s heavy hand on cryptocurrency mining is likely due to “significant electricity generation issues” in some parts of the country.
At the time of this report, the global market cap for cryptocurrency stands at $1.8 Trillion, and flagship crypto Bitcoin is valued at $42,209.
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