Tesla CEO Elon Musk said on Tuesday that the US government should refrain from trying to regulate the cryptocurrency market.
“I think cryptocurrency cannot be destroyed, but governments can slow down its popularization,” Musk said at the Code Conference in Beverly Hills, California.
Musk responded to a question from New York Times reporter Kara Swisher, who asked if the US government should be involved in regulating the crypto space. “I would say, ‘Don’t do anything,’” he said.
Tesla said earlier this year that it acquired $ 1.5 billion worth of bitcoins. The value of these assets rose to about $ 2.5 billion in the second quarter due to the rise in bitcoin prices. Since then, Bitcoin has dropped along with other cryptocurrencies.
Musk, who actively supports various cryptocurrencies on Twitter, is optimistic about the role of cryptocurrency in potentially reducing “errors and delays” in legacy monetary systems. But he admitted that cryptocurrency does not provide all the answers to all the problems of society.
I would not say that I am a major cryptocurrency expert. I think there is a certain value in cryptocurrency, but I would not say that this is the second coming of the Messiah.