Elon Musk Issued Warnings About Crypto

Bitcoin and crypto prices seriously struggled during September. They had a hard time making gains or even keeping the position.

The bitcoin price lost about 11% during September after China’s latest crypto crackdown. It weakened the spirit of many crypto and bitcoin traders.

Now, one of the biggest supporters of bitcoin this year, Elon Musk, decided to suggest that, in his opinion, crypto is not the Messiah adding that governments can slow down the advancement process of these digital assets.

Musk said that governments should take it easy when it comes to regulating crypto. He believes that crypto has some meaning and value that could reduce some human errors in money systems.

In recent months, governments worldwide increased their attention to the distorted bitcoin and crypto area. Gary Gensler, chairman of The U.S. Securities and Exchange Commission, said he wants to protect investors better.

Overview

However, Musk discussed his opinion regarding government involvement in the industry. He talked about the recommended influence governments could have on bitcoin and other digital assets. He said that if governments try to regulate this industry, they might weaken it, but nothing can destroy crypto.

In the meantime, last week, the crypto crackdown escalated in China. This process began at the beginning of May when the government of China declared that all crypto transactions were illegal. After that, the country decided to forbid crypto services for all Chinese residents. It banned all foreign exchanges to provided such services for its people. Earlier this year, China decided to shut down those accounts and users who use powerful computers for bitcoin mining. It resulted in smashing the bitcoin price while affecting the crypto market. Musk said that in his opinion, the government of China does not really like crypto as its core idea is to reduce government control.