Chinese Communist Party feels that the Crypto market poses threat to them because it’s aimed to reduce the power of centralized government, Elon Musk stated at Code Conference on September 28. He added that governments can slow the crypto market but cannot destroy it.
The CEO of Tesla and SpaceX, Elon Musk, has been very vocal about the crypto market this year. He raised the issue of too much energy consumption in Bitcoin mining and dropped the idea of holding the Bitcoin by its firm Tesla. He is also considered the father of FUDs for the crypto market. Musk is influential and once again the richest person in the world.
Crypto market poses threat to central government’s power:
Musk has decided to dive into ongoing talk of how the Chinese are trying to dump the whole crypto market by banning it at all levels. He expressed his thoughts about this ongoing situation of the crypto market by saying that the Chinese Communist Party feels that the Crypto market poses threat to their power. He added:
I suppose crypto is fundamentally aimed at reducing the power of centralized government and they don’t like that, is my guess.
Musk also compared the governments with the kids who can’t keep their hands out of the cookie jar and he believes that the crypto market has some value. Musk was sharing these thoughts at Code Conference that took place on September 28.
Musk is the person who believes that there is a long-term goal for cryptocurrencies and the Crypto market poses threat to no one. He further added that governments can slow down the evolving market but they can’t destroy the market.