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Elon Musk Says No To Crypto Regulation
Posted
October 7, 2021
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October 7, 2021
6
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2:09Now PlayingElon Musk spoke out at the Code Conference about how the government should ease up on crypto regulations. Check out the video to learn why!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
At the Code Conference, Elon Musk spoke about how the government should ease up on crypto regulations. The creator of “Doge,” Elon Musk said that the government should slow down crypto’s advancement and regulators should “let it fly.”
Musk believes that countries like China are cracking down on crypto are only worried about losing power as the centralized economic force in the country. Of course, the “Wild West” nature of cryptocurrencies and its huge energy consumption are also factors that lawmakers should consider.
Whenever there’s a new technology or something that comes to disrupt and innovate. The one who is being disrupted doesn’t have an incentive to keep the disruptor disrupting. Thus, it’s not too surprising they are pushing back on that.
The entire premise of cryptocurrencies is something that disrupts. The “Doge” father Elon Musk does have a point but something like El Salvador adopting Bitcoin but also controlling it kind of defeats the purpose of cryptocurrency.
Uber tried to come into countries like Denmark to make taxis more expensive and Denmark told them to leave. The same has happened with Airbnb with many places banning it and governments cracking down on these illegal hotels.
There are a few of these older, established, and stable systems like the taxi transportation, hotel, and money system, so they aren’t just going to let anyone come in and disrupt things.
Does Elon Musk have a point? Yes. Will government comply? Probably not. They both are going to have to go down fighting.
Do you think governments should ease up on crypto? Let us know in the comments below.
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