The crypto industry has observed the arrival of an array of people. From celebrities to the average Joe, the crypto market harbors numerous people. One such personality part of this industry is Telsa’s CEO Elon Musk. The Telsa CEO has time and again asserted support for the industry. While it’s no secret that his inclination is towards Dogecoin [DOGE], he had previously expressed support for Bitcoin [BTC] for a short period of time.
While the world had just started to get comfortable with the idea of cryptocurrencies, China decided to tear the whole digital asset scene in the country. After ousting the biggest Bitcoin mining companies out of China, the government was slowly bidding adieu to exchanges as well. Musk believes that the decentralized nature of the industry was most likely to be off-putting for the Chinese government.
However, he noted that the electricity issues faced by the country could have also driven the government to impose a ban.
Crypto an invincible market?
According to CNBC, Musk answered various digital assets-related questions during the recent conference.
Musk’s love-hate relationship with Bitcoin is known to all. Despite the recent plummet of the industry, Musk noted that he was still bullish about the market. He stated,
“I wouldn’t say that I’m a massive cryptocurrency expert. I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”
Additionally, circling back to the regulatory division of the industry, Musk urged the US government to sit still and “do nothing.”
Regulators have been trying to scrutinize the industry without a second thought. This has further posed a major problem for several crypto businesses as well as people who wanted to explore the decentralized part of the globe. Addressing this big regulatory showdown, Musk spoke at the Code Conference in California.
During this conference, Musk noted that stringent regulations against the industry wouldn’t destroy it, but it could undoubtedly slow down its “advancement.”
Harsh regulations have already sucked out the essence of the crypto industry, which is decentralization. The whole point of the industry was for people to steer away from the shackles imposed by the centralized systems. However, constant scrutiny could eliminate the industry’s essence. While regulations cannot destroy crypto, as Musk says, they could slowly destroy what the industry stands for.