Tesla CEO Elon Musk says the US government should avoid regulating cryptocurrency

Tesla Executive Director Elon Musk He said on Tuesday that the US government should stay away from trying to regulate the cryptocurrency market.

“It is not possible, I think, to destroy cryptocurrencies, but it is possible for governments to slow their progress,” Musk said at the Code conference in Beverly Hills, California.

Musk was responding onstage to a question from New York Times columnist Kara Swisher. I asked if the US government should be involved in regulating the crypto space.

He said, “I used to say: Do nothing.”

Tesla said early this year that it had Sold $1.5 billion in bitcoin. The value of these collectibles swell to about $2.5 billion in the second quarter as bitcoin prices soared. Since then, bitcoin has fallen, along with other cryptocurrencies.

Musk, who often promotes his support for many digital currencies on Twitter, is optimistic about the role of cryptocurrency in reducing “error and latency” in legacy money systems. But he acknowledged that cryptography does not have all solutions to society’s ills.

“I wouldn’t say I am a big cryptocurrency expert,” Musk said. “I think there is some value in cryptocurrency, but I wouldn’t say it was the second coming of Christ.”

Hold on to China’s encrypted campaign

Musk also spoke about China’s role in mining and regulating cryptocurrencies.

last weekChina’s central bank has outlined tougher measures in its broader cryptocurrency campaign, including strengthening it Systems for monitoring cryptocurrency transactions.

Musk said the heavy hand likely had to do with the country’s “important electricity generation issues.”

“Part of it may actually be due to the lack of electricity in many parts of China,” Musk said. “A large part of southern China is now experiencing random blackouts, because energy demand is higher than expected.”

“Cryptocurrency mining may play a role in that,” he said.

On a higher level, the decentralized nature of cryptocurrencies may pose a challenge to the Chinese government.

“I suppose cryptocurrency is primarily intended to limit the power of the central government,” Musk said. “They don’t like it.”

Watch: Elon Musk Says Bitcoin Looks Greener

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