A NYT reporter asked Musk at the Code conference whether the U.S. government should regulate the cryptocurrency market. In response, the Tesla founder said that U.S. authorities should not interfere in the cryptocurrency market. The billionaire stressed that it is impossible to destroy the digital currency. However, the U.S. government is able to slow down its spreading.
This year, carmaker Tesla invested 1.5 billion USD in buying bitcoins. In the second quarter, the value of the tokens purchased by the company rose to 2.5 billion USD. Subsequently, the bitcoin exchange rate began to decline.
According to Musk, virtual currencies help reduce errors and delays in existing financial systems. However, it is impossible to solve all of society's problems with their help. Despite the fact that digital currency has some value, Musk is not ready to consider it the second coming of Christ.
Speaking about the tough stance of the Chinese authorities, the Tesla founder noted that Beijing's ban on cryptocurrency transactions may be related to the country's electricity shortage. In addition, cryptocurrency mining contributes to the decentralization of government power. China's top political leadership does not like this.
