As worldwide regulators remain to inspect the crypto industry, Elon Musk, CEO of Tesla has stated support for cryptocurrency, naming it indestructible.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Elon Musk stated at the Code Conference in California.
As per the Tesla CEO, the decentralized nature of cryptos may be a challenge for the Chinese government, which publicized a fresh war on cryptocurrency.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk noted, adding, “They don’t like that.” He also suggested that the latest Chinese crackdown on crypto is likely to have something to do with the country’s “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,” he said.