As global regulators continue to keep a close eye on the cryptocurrency industry, Tesla CEO Elon Musk has voiced his support for the cryptocurrency, calling it indelible.

“I don’t think cryptocurrency can be destroyed, but governments can slow down development,” Musk said at the Code conference in California on September 28.

According to the Tesla chief, the decentralized nature of cryptocurrencies could be a problem for the Chinese government, which declared a new war on cryptocurrencies last Friday.

“I think cryptocurrency is basically meant to limit the power of the central government,” Musk said, adding, “They don’t like it.” He also noted that the recent Chinese attack on cryptocurrency is likely to have something to do with “the country’s serious problems in terms of power generation.”

“This could be due to a lack of power in many parts of China. Many southern regions of China are now experiencing intermittent power outages because electricity demand is higher than expected […] Cryptocurrency mining could play a role in this,” he said. He said.

While Musk did not consider himself a “big crypto expert,” the tech mogul stressed that regulators should not try to slow the adoption of cryptocurrency. When asked if the US government should get involved in regulating cryptocurrency, Musk replied:

“I want to say, ‘Don’t do anything. “”
Related: Dogecoin is more popular than ever… even though transmitters are at their lowest level since 2017.

Musk has become an important crypto influencer on Twitter, and several experts have linked his posts to huge price fluctuations for coins such as Shiba Inu (SHIB), Dogecoin (DOGE) and Bitcoin (BTC). Tesla CEO Tesla has come under fire in the crypto community after suspending Tesla’s BTC payment option due to alleged environmental concerns over Bitcoin mining in May 2021.

Musk previously sparked great optimism in the cryptocurrency market by announcing a $1.5 billion bitcoin purchase in February.

Source: CoinTelegraph