News Crypto and cryptocurrencies

According to Elon Musk, cryptocurrencies cannot be destroyed

However, it is possible to slow down its growth by governments

Elon Musk is back to talk about cryptocurrency. He did so during the Code Conference held in California, as reported by CNBC and his statements are naturally to be viewed with some interest, as every time Tesla's CEO addresses the issue of digital assets.
A sector that he likes very much, at least according to his repeated interventions and also to pump and dump repeatedly put in place over time. Especially for the benefit of that Dogecoin which above all thanks to him has become a real phenomenon of costume, albeit dangerous. So let's see what issues the South African-born billionaire touched this time, to try to understand the implications.

Elon Musk - According to Elon Musk, cryptocurrencies cannot be destroyed

Elon Musk's statements during the Code Conference

Cryptocurrencies cannot be eliminated by central governments. However, they can be slowed down in their progress, as the Beijing government is trying to do. This is the thought of Elon Musk on digital money expressed during the Code Conference held in California.
Just the so-called Bitcoin Ban of the China it was naturally mentioned in the discussions that characterized the conference. Which according to the founder of Tesla would be an attempt to stem the deleterious effects of the mining and climate transactions. An argument which, moreover, seems to have a certain foundation, in the light of reports on electricity consumption related to cryptocurrencies. A problem that was addressed by Musk himself recently, giving birth to the Bitcoin Mining Council.

Regulators should not intervene in the sector

If up to this point Elon Musk's arguments can be considered normal and even acceptable, what has been said about the need to regulate the sector seems to lend itself to more than one criticism. According to Tesla's CEO, in fact, it would be better not to touch anything at all, within the sector. Thus leaving the situation completely unchanged.
A position that if it obeys the rules of liberalism, however, seems to clash with common sense. They are precisely the most responsible (and shrewd) representatives in the world crypto to have been asking for a clarification of the regulatory framework for some time now. Aimed at giving security to companies and not leaving them at the mercy of the SEC and its miraculous awakenings years after certain facts. As happened for example a Ripple, accused years later of having sold unregistered securities.

About the Bitcoin Ban of China

Elon Musk's statements on China's new Bitcoin Ban seem to be marked by some moderation. In fact, the measure has caused great uproar, but on a practical level it involves little or nothing. In fact, the Chinese cryptographic sector had already been hit by the previous ban, which arrived in May. And the miners had decided to leave the country to seek new, more favorable shores for their activity.
With this further move, Beijing essentially seeks to favor the pursuit of two objectives deemed fundamental:

  1. prevent its environmental objectives from being jeopardized by the needs that characterize mining. Which, at least in China, uses fossil energy sources;
  2. deforesting the environment setting the stage for the digital yuan, that is the instrument with which the oriental giant proposes to go to undermine, or even break, the imperial power of the dollar.

In this context, the Bitcoin Ban takes on a completely understandable value, namely the pursuit of Chinese interests. Which, clearly, are not the same as the private individuals involved in the sector.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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