According to the Tesla CEO, the nature of the cryptocurrency decentralization might be a challenge for the Chinese government, which announced a new war in Crypto last Friday.
“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.
Even though Musk did not consider himself as "massive cryptocurrency experts," Stress Regulator Mogul Tech should not try to slow down the adoption of Cryptocurrency. When asked whether the United States government must be involved in regulating Crypto, Musk answered:
“I would say, ‘Do nothing.''
Musk has emerged as a significant Crypto price influencer on Twitter, with many experts linking his post to a massive price movement for tokens such as Shiba Inu (Shib), Dogecoin (Doge), and Bitcoin (BTC). Tesla Tesla's CEO was widely criticized in the Crypto community after suspending the BTC Tesla payment option for environmental concerns suspected of mining Bitcoin on May 2021.
Previously Musk caused massive optimism in the Crypto market by announcing Bitcoin purchases worth $ 1.5 billion in February.
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