Musk advised the US authorities not to regulate cryptocurrencies

The head of Tesla and SpaceX, Elon Musk, said that the US authorities should refrain from trying to regulate the cryptocurrency market. During his speech at the Code Conference, Mask also noted: «It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.»

Musk's statements often lead to the emergence of a «bullish» trend in the crypto market. The head of Tesla often expresses his support for certain digital coins on his Twitter account, which leads to their rapid growth.

In addition, Musk touched on another topical topic – the role of China in crypto mining and regulation of digital currencies. Recall that last week the Central Bank of China announced tougher measures to combat cryptocurrency, including enhanced systems for tracking transactions related to virtual currencies.

However, Musk believes that these measures are more related to serious problems inside the country due to a shortage of electricity. And in the current conditions, mining poses huge risks, since it requires large amounts of electricity. But at the same time, one should not turn a blind eye to the fact that the decentralized nature of cryptocurrencies can become a problem for the Chinese government, since cryptocurrencies are mainly aimed at reducing the power of the central government.