The US government should stay away from regulating the cryptocurrency market. This opinion was expressed by Ilon Musk at the Code Conference in California, CNBC writes.
"I think it's impossible to destroy cryptocurrency, but governments can slow its progress," the billionaire said.
In his view, digital assets have potential compared to traditional finance. But cryptocurrencies are not the solution to all of society's problems, the Tesla chief added.
"I wouldn't call myself a big expert on cryptocurrencies. I think there is some value in them, but it's not the Second Coming of Christ," Musk stressed.
He also linked China's latest crackdown on the crypto industry to "significant problems in electricity generation".
"There are intermittent supply problems in the south right now because demand exceeds expectations. Cryptocurrency mining may not have been the last factor in this," the entrepreneur explained.
Musk suggested that digital assets are inherently "focused on reducing the power of the centralised government", which contradicts the views of China's ruling Communist Party.
Recall that in August, the head of Tesla joined criticism of a plan to expand taxation of cryptocurrencies in the US.