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Musk opposes Government on Crypto; says they should do nothing

Tesla CEO Elon Musk opposes the government on putting regulations on Cryptocurrency. And Musk says that they should “Do Nothing” when it comes to crypto. They cannot just delete the existence of cryptocurrency. All they can do is slow down the advancement of technology.

Musk opposes the Government and wants them to stay away from Cryptocurrency.

We have seen what kind of influence Elon Musk has on Cryptocurrency. He put Dogecoin inside the cryptocurrency radar with just a single tweet. At the Code Conference in Beverly Hills, one reporter asked Musk whether it was correct if the Government took control of cryptocurrency? Musk says that it’s best if the Government stays away from cryptocurrency and leaves it alone. Additionally, Musk goes on to say that it is not possible to destroy cryptocurrency.  However, Government can only slow down the advancement.

Elon Musk Supports New Dogecoin Upgrade that Helps Secure the Network

Image source: Tesmanian

At the conference, the U.S. Securities and Exchange Commission (SEC) chairman, Gary Gensler, was also present. Gensler says that cryptocurrency feels like it’s the Wild West of Finance. Also, the SEC Chief has speculated that cryptocurrency might not end well if it stays out of sight from the regulators. The Tesla CEO asks the SEC chief to “Do Nothing” about it. Further, he says that he wouldn’t do anything to it, and Government should just let crypto play on its own.

Long term benefit of Cryptocurrency

It is evident that cryptocurrency is an intelligent investment, but at the same time, because of its anonymity, crimes take place. So, putting the cons aside for a while, Musk talks about the long term benefits of cryptocurrency. He states that crypto will hopefully reduce errors in the future and latency in the financial system.

Tesla Mastermind Elon Musk has stood with cryptocurrency for a long time now. He made an announcement that he personally owns Bitcoin, Ethereum and Dogecoin. On the other hand, his company Tesla and SpaceX own 42,000 Bitcoin. In August, he stood against the Government and said that they are proposing hasty crypto legislation. In the beginning, you saw how I wrote that Musk put Dogecoin on the radar. Since then he has been titled the DogeFather because of his unbiased support towards the meme cryptocurrency. He feels Dogecoin is the “Strongest” crypto for payments.

When reporters asked Musk about how China and how they see cryptocurrency there? Musk in his witty sense of humour says, it seems they (Chinese) don’t love crypto at all. Also, he adds that China has some electricity generation issues which is why they are not able to mine cryptocurrency in the country.


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Also read:- US SEC has 19 pending Bitcoin ETFs right now

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