Business magnate Elon Musk says that there’s nothing governments can do to stop the growth of cryptocurrencies.
In a new interview at Code Conference 2021, Musk advises that governmental bodies should “do nothing” when it comes to regulating the crypto industry, and if they try, the best they can do is merely slow it down.
“It is not possible, I think, [to] destroy crypto. But it is possible for governments to slow down its advancement.”
The billionaire was asked about U.S. Securities and Exchange Commission (SEC) head Gary Gensler, who previously took the stage at the conference and told the audience that cryptocurrencies were the “Wild West” of finance. Musk said Gensler and the US government should back away and just let the industry play out.
“I would say, do nothing.
Seriously, just let it play.”
This isn’t the first time the Tesla CEO has made anti-regulatory remarks when it comes to cryptocurrencies. In August, he stood in opposition to calls for regulations that he said would allow the government to pick the winners and losers of the industry.
Musk is known in the crypto community for heavily endorsing Dogecoin (DOGE) earlier this year and investing in Bitcoin (BTC) both personally and through his businesses.
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Featured Image: Shutterstock/Juan Manuel Rodriguez