Elon Musk opposes governments!

Tesla CEO Elon Musk vehemently opposes governments seeking to regulate Bitcoin and other cryptos, saying they should “do nothing.”

Yes, he has made himself heard again. And this time about possible regulations from various governments. Musk believes that governments should not try to regulate Bitcoin and other cryptocurrencies. “I would say, do nothing,” he advised.

Musk opposes governments

So do nothing and leave the cryptos alone. That’s Musk’s advice. He discussed the state of affairs about cryptos last week. In response to a question from New York Times columnist Kara Swisher on 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, I think, to destroy crypto, but it is possible for governments to slow its progress

Musk

Regulations

He was asked the specific question of what the US government should do with regard to cryptocurrency. US Securities and Exchange Commission (SEC) chairman Gary Gensler took the podium earlier in the conference. He called cryptocurrency the Wild West of finance. The SEC chief also stressed that cryptocurrency “will not end well” if left outside the purview of regulators.

When asked what the SEC should do about crypto, Tesla’s boss said, “I’d say, don’t do anything.

Musk went on to talk about the long-term role of cryptocurrency in monetary systems. He noted that crypto will “hopefully reduce the flaw and latency in the money system, the old money system.” China and the crackdown there were also discussed. He replied: “Well, it seems they don’t like cryptocurrency. I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government and they don’t like that.”