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Many influential and popular names have been in the corner of digital assets, one of which is Elon Musk. The CEO of the electric car manufacturer is also known to have quite the influence when it comes to the ups and downs in the prices of cryptocurrencies.
According to a recent opinion shared by Musk regarding the relationship between crypto assets and governments, the crypto market is likely to be affected again in one way or another. The Tesla CEO made some statements at the Code Conference that took place yesterday (September 28th, 2021).
The crypto market has been seeing some fluctuations in the last few weeks. However, despite the volatility, Musk stated that digital currencies are indestructible. Let’s find out more details about the conference and what Elon Musk had to say regarding China’s stance towards crypto.
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Details of Elon Musk’s Appearance at Code Conference
It was recently reported that the Chinese government intensified its crackdown on BTC trading and mining. A few days ago, the People’s Bank of China announced that it will be imposing a ban on all transactions related to digital assets. This is by far, the most extreme ban China has imposed against cryptocurrencies.
During the Code Conference, Elon Musk spoke about this ban and shared his views according to which China isn’t a fan of digital currencies.
According to Musk, crypto assets are considered to be a threat to the centralized government. This is why the Communist Party is not crypto-friendly. He didn’t dive into the details, however, Musk stated:
“I suppose crypto is fundamentally aimed at reducing the power of centralized government and they don’t like that, is my guess.”
He also stated that the governments are unable to control digital assets, which gives a boost to their value.
“You know, when governments can’t keep the hand out of the cookie jar and edit the money database, there’s probably some value to that.”
The Tesla CEO also commented on the influence he has over the crypto market, which can be seen in detail in the video below.
He partially joked that it would be beneficial if the crypto market surged as he believes that digital assets have a “long-term goal”.
While Musk believes that cryptocurrencies cannot be destroyed he does believe that the progress of the crypto industry can be slowed down by the governments.
Can This be a Bullish Indicator for the Crypto Market?
To think that one statement can change the situation of the entire crypto market is too optimistic at the moment, even if the statement is given by an influential name. Numerous factors influence the ups and downs seen in the crypto market.
However, the significance of the market and digital currencies cannot be denied. Elon Musk also stated that he believes there is some value in the digital assets and it can reduce the latency and error in the current money system.
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