When cryptocurrency rapidly expanded in various parts of the world, it earned a lot of critics — from economists, scholars, and of course, governments.
But out of these critics, governments became cryptos’ fiercest adversaries, trying their best to halt their progress and destabilize them for good.
Not all governments are critical though. There are ones who are very supportive and even create an environment that can facilitate cryptos’ growth.
But what stops the global crypto industry to grow even further are the governments who are continuously deploying attacks against cryptocurrencies to get rid of them.
Destroy? Not possible
“It is not possible, I think, to destroy crypto, but it is possible for governments to slow down its advancements,” Elon Musk said.
Musk said that cryptocurrencies’ decentralized nature poses a lot of challenges and “threats” to the Chinese government, which is known for its tight-grip control on every aspect of governance.
The Tesla chief executive said that one of the cryptos’ aims is to reduce centralized control on finances, which leaves people with little to no choices and benefits. Musk said that China obviously doesn’t like this concept.
Aside from that, he also said that power generation issues are what compels the Chinese government to continue its crackdown on crypto mining activities in the country.
As crypto-mining transactions have risen significantly in China, the government has seen a more-than-expected demand in power, which the authorities see as a problem.
Governments shouldn’t intervene
Even with his big influence in the crypto industry, Musk said that he is far from being a crypto expert, but said that governments shouldn’t intervene with crypto’s growth.
Indeed, he is a big supporter of cryptos, but he also recognizes the environmental impacts of mining them and has been making moves in recent months to ensure that this problem can be mitigated.
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