‘Not Possible to Destroy Cryptocurrencies’: Elon Musk Says Governments Can Only Crunch Crypto Growth Rate

Crypto-supporting Tesla and SpaceX CEO Elon Musk firmly believes that there is no death of cryptocurrencies anytime in the future.

By Radhika Parashar | Updated: 3 October 2021 15:29 IST

‘Not Possible to Destroy Cryptocurrencies’: Elon Musk Says Governments Can Only Crunch Crypto Growth Rate

Elon Musk believes cryptocurrencies will stick around

Highlights

Elon Musk says cryptocurrencies are here to stay
Acknowledges negative environmental impact of crypto mining
Musk’s statements were made during a conference in LA, US

In a message to governments around the world, Tesla CEO Elon Musk has said that while the advancement of cryptocurrencies can be slowed down, these digital assets cannot be destroyed now. The crypto-supporting tech mogul further went on to reportedly advise the US government to do “nothing” about regulating the crypto-space if the aim is to curb crypto-expansion. The statement by the 50-year-old multi-billionaire came as he was addressing the “Code 2021” conference in the Beverly Hills area of Los Angeles, US.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don't like that,” news portal decrypt.co quoted Musk as saying on Wednesday, September 29. “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement”.

Musk's suggestion to the governments batting for “no action” against crypto comes days after the world's most populated country, China, imposed a blanket ban on cryptocurrencies mining and trading.

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Post China's ban, the crypto market has witnessed major fluctuations this week, with the prices of highly valued ones like Bitcoin and Ether witnessing more lows than highs.

“Part of it may actually be due to electricity shortages in many parts of China. A lot of South China right now is having random power outages because the power demand is higher than expected. Crypto mining might be playing a role in that,” the Tesla CEO, who also heads space company SpaceX apart from EV-maker Tesla reportedly said, commenting on China criminalising association with the crypto space.

In 2019, a study by scientific journal Joule said that Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year in the near future.

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The environmental impact of Bitcoin mining has raised concerns around the world, and while countries like China and Russia have illegalised the crypto space, other regions like El Salvador and Miami, Florida in the US are trying to find clean energy solutions to facilitate crypto mining.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Elon Musk, Cryptocurrencies, Bitcoin, Bitcoin Mining, China, Carbon Footprint

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More