The US government should not regulate the cryptocurrency market, Tesla CEO Elon Musk has said to CNBC.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
He claims digital assets have potential compared to traditional finance. However, cryptocurrencies are not the solution to all society’s problems:
“I wouldn’t say that I’m a massive cryptocurrency expert. I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”
He has also linked China’s latest crackdown on the crypto industry with “significant electricity generation issues:”
“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.”
Musk has suggested digital assets are “fundamentally aimed at reducing the power of a centralized government. They don’t like that.”