Elon Musk believes Dogecoin will be the next big thing and that he can place it on the moon. Tesla CEO Elon Musk and SpaceX CEO Elon Musk have been vocal about cryptocurrency on Twitter, and have even tried to incorporate it into his business practices, such as when he declared Tesla will take Bitcoin. The billionaire who has regularly raised enthusiasm for bitcoin and the meme currency Dogecoin, with occasional tweets causing price spikes. Every time Musk discusses cryptocurrencies, the price of the cryptocurrency skyrockets. The phenomena have been dubbed “The Musk Effect” by internet sleuths, who have more than just co-related it. In an interview, he also discussed cryptocurrencies.
In the wake of China’s definitive crackdown on cryptocurrencies, Tesla CEO Elon Musk stated that governments cannot destroy cryptocurrencies. He did caution, though, that governments may stifle the rise of Bitcoin and other digital currencies.
“Random power outages are occurring across most of South China at the moment due to relatively high energy requirements. On the crypto situation in China, Tesla CEO Elon Musk remarked, “Crypto mining could be having an effect in that.”
Elon Musk believes that governments will not be able to destroy cryptocurrencies yet they can stifle the crypto space’s expansion. Musk, a long-time supporter of cryptocurrencies such as bitcoin and dogecoin, was addressing at the annual Code Conference in California on digital technology. “It is not conceivable, I believe, to destroy crypto,” Musk stated in response to a question about whether the US government should control the crypto space. Governments, on the other hand, maybe able to stifle its progress, he added.
Earlier this week, the US was scheduled to vote on the final ratification of a $1 trillion infrastructure plan that included provisions pertaining to cryptocurrency tax rules. The law is now expected to be introduced in the following days. “I would say do nothing,” Musk remarked on the government’s move to regulate the crypto space at a conference earlier this week.
Musk also addressed the current cryptocurrency situation in China, stating that the country is experiencing “major electrical generation challenges.” “Random power disruptions are happening across most of South China right now due to higher-than-expected electricity demand. Crypto mining could be a factor,” he speculated. In a statement released last month, China’s central bank, the People’s Bank of China, declared a blanket ban on cryptocurrency.
Investors perceived events like China’s crypto ban as a buying opportunity, and digital assets experienced inflows worth $95 million last week, bringing the total inflows over the past six weeks to $320 million, according to digital asset managing firm CoinShares’ weekly analysis.