TL;DR Breakdown
• The billionaire believes that regulations in China are caused by crypto-mining and energy problems.
• Elon Musk wants the SEC to give freedom to the new cryptocurrency financial market.
Elon Musk, the Tesla CEO, is again trending in the cryptocurrency market because of his defense of crypto from regulators. Musk, a key figure in the Bitcoin, Dogecoin, and basically the whole crypto market, has asked the financial agencies to stop their attacks.
Musk thinks that cryptocurrencies cannot be stopped, and the regulator’s actions do not affect them. These revelations by Musk were captured by a journalist from the American magazine The New York Times.
Elon Musk’s support
Elon Musk, an American businessman who believes in cryptocurrency’s potential, defends crypto after regulators increase the pressure. Musk wants the government and financial agencies to drop their agendas to control cryptos because it just won’t work.
These comments come in the wake of the latest announcements by the head of the SEC in the United States, where he calls for strengthening crypto regulations. China had once again opened the crackdowns on cryptos and the crypto-mining industry.
Elon Musk said China’s ban is very likely personal and could also be motivated by electrical problems. He considers that crypto-mining needs a lot of electricity, so it is prone to generating blackouts in the regions where they work.
Musk also supports his views on BTC mining, where he describes it as “destructive” since it causes damage to the environment. Musk even stopped accepting Bitcoin as a payment method at his car company. However, Elon Musk still has a capital of $1.5 billion in Bitcoin as a source of his investment at the beginning of the year.
China may fear the new financial market
Elon Musk believes that the problems in China against cryptocurrencies are due to high energy consumption and the characteristics of this new financial market. Cryptos eliminate the government’s power over a country; they are decentralized currencies, which China could fear.
Looking ahead, Musk believes that cryptos could improve the financial system. However, he is not a professional on the subject, so they are only the opinions of a billionaire. Cryptocurrencies have risen in the last 24 hours, with Bitcoin trading at $41,808.
