Elon Musk has become a household figure among cryptocurrency enthusiasts. With over 66 million Twitter followers, Tesla and SpaceX CEO Elon Musk has been shaking up the crypto world with his humorous tweets.
The CEO of Tesla and SpaceX has declared support for cryptocurrencies, calling it indestructible, as worldwide regulators continue to probe the business.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said at the Code Conference in California, CNBC reported Tuesday.
The decentralized nature of cryptocurrencies, according to the Tesla CEO, may pose a challenge to the Chinese government, which started a renewed crypto war on 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 stated.
The CEO has long been outspoken about his support for cryptocurrencies, with his tweets propelling meme coin Dogecoin into the top ten by market capitalization.
His electric vehicle manufacturing company, however, has temporarily halted Bitcoin payments due to environmental concerns.