Elon musk says it's not possible to destroy crypto

It seems that Elon Musk might be warming up to Bitcoin again. The self-proclaimed Technoking’s public positioning regarding Bitcoin and crypto in general has been more volatile and erratic this year than Dogecoin’s price action.

As CEO of Tesla and Chief Engineer of SpaceX – Musk was invited to be a speaker at last week’s Code 2021 event in Beverly Hills, sponsored by Vox Media. During his remarks answering questions as to whether or not governments should regulate blockchain and the crypto space, Musk flat out replied, “I would say, governments should do nothing."

He went on to say that the programmable money asset class has grown too large and spread too far to be stopped.

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

Musk acknowledged that cryptocurrencies have fallen out of favor with some governments because the inherent qualities of blockchain-based money undermine the government’s ability to control banking, finance, and ultimately the governed. .

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that,” Musk concluded.

Despite governments that may be threatened by the economic equality and promise of financial freedom posed by cryptocurrencies, there are a growing number of countries that embrace it. Study found that Europe is currently the largest cryptocurrency economy in the world. While Bitcoin has been accepted as legal tender in El Salvador, and is widely used in Venezuela, Colombia, and Argentina. In addition to those countries, Uruguay, Panama, and Paraguay are continuing to craft and consider various pieces of legislation that would make it easier to use virtual currencies within their respective borders.

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