35.3 C
Dubai
Monday, May 27, 2024
HomeBitcoin NewsElon Musk Hates the Idea of Crypto Regulation

Elon Musk Hates the Idea of Crypto Regulation

Date:

Related stories

Elon Musk – the South African billionaire and entrepreneur behind mega companies like Tesla and SpaceX – believes that crypto regulation should not exist and that governments should just mind their own business.

Elon Musk Doesn’t Care for Governments Getting Involved in Crypto

Musk is echoing the age-old argument that digital currencies are designed to be decentralized assets. They are not meant to be overseen by banks or standard financial institutions. Third parties have no place in the world of crypto; it is simply for those who are looking for more financial freedom.

The way banks work is that they have more control over who gets access to their products and services. They can look at people’s histories – whether it be their credit histories, employment histories, etc. – and decide whether they can gain access to accounts or other items that assist in everyday life.

Those who are unbanked or who wish for a little less prying have the option of reverting to bitcoin. BTC and its digital counterparts are not overseen by banks or similar monetary establishments. The world of crypto does not care about one’s personal history or past decisions. Rather, if you have access to the internet and you’re able to set up a digital wallet, that’s all that’s necessary to begin trading.

However, if governments get involved, things could become far more stringent in the future, and Musk isn’t a fan of this idea. In a recent interview, he comments:

It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.

He later explained that governments need to just “do nothing” when it comes to regulating crypto and to “let it fly.”

Musk also took note of how much China has worked to eliminate bitcoin and crypto from its territory. In recent months, the country has removed all miners from within its borders and has declared all crypto transactions and related activities illegal. Musk believes that China’s Communist Party is at work here, and that the organization is taking such steps as a means of retaining its power.

However, he also adheres to the idea that perhaps the amount of crypto mining and related usage in the country is causing problems for China’s energy grid. He says:

A lot of South China is having random power outages because the power demand is higher than expected. Crypto mining might be playing a role in that.

Not That Big of a Deal?

In closing, he commented:

I think there’s some value to cryptocurrency. I don’t think it’s the second coming of the Messiah, which they all seem to think.

Musk took guff earlier in the year when he immediately rescinded a decision that Tesla electric vehicles could be purchased with bitcoin. The entrepreneur later claimed that energy used for mining projects was destroying the Earth.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories