Elon Musk on Bitcoin Crash | Govts Can't Destroy Crypto, But...
Elon Musk have been always in news and trending on his Twitter account on his posts related to Crypto. Crypto lovers always waits for his tweets and when he tweets something on Ctypto everytime it goes viral and trending on tweeter and on media worldwide.
Here is another news coming from Elon Musk as he was asked if the US government should regulate the cryptocurrency market, he said regulators should "do nothing".
While China spends money on cryptocurrency, a Tesla manager said it was impossible for governments to spend cryptocurrencies. However, he warned that the growth of Bitcoin and similar digital currencies could be hampered by the government.
"I think, it's impossible, to destroy crypto, but it's possible that governments will delay its development," CNBC quoted Musk as saying during a technical event in California.
Asked if the US government should regulate the cryptocurrency market, Musk said regulators should "do nothing."
While commenting on Beijing's fight against cryptocurrency, Elon Musk said the move may have arisen from "important power generation issues" in the country Republic of China.
"Part of it may be due to power shortages in many parts of China," Musk said in a statement.
"Most of South China currently has an unplanned power outage, because electricity is much higher than expected."
"Crypto mines are likely to play a role in that," Elon Musk added.
The low-level environment of cryptocurrencies could pose a challenge to the Chinese government at higher levels.
"I think the cryptocurrency is aimed at undermining the power of a united government," Musk said.
Tesla bought $ 1.5 billion from Bitcoin earlier this year, which increased in value to $ 2.5 billion as its value increased in the second quarter.
However, Bitcoin and other cryptocurrencies have declined due to numerous errors. Musk himself is heavily involved in cryptocurrencies, with his complete Twitter feed posted in digital currencies.
However, you have come to realize that it is not possible to solve all problems.
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Elon mask with his different tweets. He is a lover of crypto currency and as a great influence to alter the price by either investing huge capital on any coin or withdrawing his capital from any coin he once invested into.
Hi @printskill
Elon Musk has become more of a "cult-like" figure for many, and I honestly don't see it as a positive sign. His stormy tweets and contradictory stances about Bitcoin caused many newcomers and naive investors to lose thousands of dollars. Not good for the long-term reputation of crypto
There are many people who are interested in crypto.
I think this is the need of the hour.