Crypto aficionado and Tesla CEO Elon Musk ‘thinks’ that it is not doable for governments to destroy cryptocurrencies although they can slow down the progress the crypto space has made. A extended-time proponent of cryptocurrencies especially bitcoin and dogecoin, Musk was speaking at the annual Code Conference on digital technologies in California. Answering a query on no matter if the US government really should regulate the crypto space, Musk stated, “It is not possible to, I think, destroy crypto.” However, it is doable for governments to slow down its advancement, he added.
The US was anticipated to vote on the final passage of more than $1 trillion infrastructure bill, which integrated provisions associated to tax regulations about cryptocurrencies, earlier this week. The bill is now most likely to be brought to the floor in the coming days. “I would say, do nothing,” Musk stated at the conference earlier this week on the govt’s move to regulate crypto space. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah,” he added.
Musk also commented on the existing situation associated to cryptocurrencies in China, noting that the nation has “significant electricity generation issues.” “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,” he stated. China’s central bank People’s Bank of China had announced a total crypto ban in a statement last month.
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Events like China’s crypto ban had indicated why digital assets witnessed inflows worth $95 million last week, which took the total inflows more than the previous six weeks to $320 million, as investors saw that as shopping for chance, digital asset management firm CoinShares had stated in its weekly report.
Earlier this year, Musk had tweeted that Tesla would cease accepting Bitcoin from clients for its electric automobiles amid issues more than the environmental influence of the virtual currency. However, in July at the Bitcoin-focused conference B Word, Musk had stated Tesla would resume accepting bitcoin after he “confirm that the percentage of renewable energy usage is most likely at or above 50 per cent, and that there is a trend towards increasing that number,” Reuters had reported quoting Musk.
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