Elon Musk, Tesla CEO says that crypto industry is indestructible

Amidst the close inspection of the crypto industry by different governments around the world who are determined to regulate it, Elon Musk, Tesla’s Chief Executive Officer (CEO), once again supported the crypto by saying it is indestructible.

On Tuesday, during the Code Conference in California, the billionaire said that “It is not possible to destroy the crypto industry, but governments can slow down its advancement.”

As per Elon Musk, it would be challenging for the Chinese government to handle the decentralized nature of crypto. The Chinese government, on Friday, declared a war against the crypto industry and banned all crypto-related activities in the country.

Musk also added that the fundamental aim of cryptocurrencies is to minimize the ultimate power centralized governments have. That’s why they don’t like it.

Musk stressed the point that it is good to regulate the market, but it should slow down the adoption and popularity of cryptocurrencies. When an interviewer asked if the US government should take part in the mission of regulating the industry, Elon Musk said:

“I would say, ‘Do nothing.’”

He also speculated that the government’s ban might have something related to China’s “significant electricity generation issues.” This is because of the high power demand in the country as a South China is facing sudden power outages.

Elon Musk and the market movement

Elon Musk, along with some other top crypto actors, has emerged as a driving force in changing the market trends. Through Twitter, he has significantly affected the price of various coins, including Bitcoin, Shiba Inu, and Dogecoin. The whole crypto community denounced Tesla CEO after the crypto price fall and Tesla’s suspension of the BTC payment option. He then tweeted the company has decided to suspend the option due to environmental harm the Bitcoin mining causes.

Before this in February, Elon Musk has also brought the market up by announcing a $1.5 billion worth BTC Purchase.