“It’s Not Possible to Destroy Crypto” By DailyCoin
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It seems that Elon Musk might be warming up to Bitcoin…again. The self-proclaimed Technoking’s public positioning regarding and crypto in general has been more volatile and erratic this year than Dogecoin’s price action.
As CEO of Tesla (NASDAQ:), and Chief Engineer of SpaceX – Musk was invited to be a speaker at last week’s Code 2021 event in Beverly Hills, sponsored by Vox Media. During his remarks answering questions as to whether or not governments should regulate blockchain and the crypto space, Musk flat out replied, “I would say, [governments should] ‘Do nothing.’”
He continued by stating that the programable money asset category has grown far too fast and is too big to stop.
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,”
Musk.
The reason is that cryptocurrency adoption is increasing faster than any other modern technological innovation. In a recent Bitcoinist article, former Google (NASDAQ:) employee Michael Levin has provided data on Bitcoin’s rapid growth since its 2009 creation.
Levin uses the first twelve years of Bitcoin’s existence as a benchmark. He estimates that Bitcoin has approximately 135,000,000 users, with projected 1 billion users in the next four. In the chart below, when the Internet was at the same point in its adoption curve, it took 7.5 years to reach 1 billion users – Bitcoin will do the same in almost half the time.
This is not “hope-ium” – there are data supporting this accelerated growth globally. According to Chainalysis’ second annual Global Crypto Adoption Index, crypto’s adoption in 2020 skyrocketed 881 %Comparable to previous year.
Chainalysis discovered that India, Pakistan and Ukraine were the most accepted countries for crypto currency acceptance. The UThis is.S. slid from sixth to eighth in the ranking, while China fell from fourth to 13th — in large part due to its ongoing crypto crackdown.
Musk acknowledged that cryptocurrencies have fallen out of favor with some governments because the inherent qualities of blockchain-based money undermine the government’s ability to control banking, finance, and ultimately the governed. .
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that,”
Musk ended.
While governments might be concerned by the potential financial equality and freedom offered by cryptocurrencies, there is an increasing number of countries which embrace them. Chainalysis conducted a separate study and found that Europe has the biggest cryptocurrency economy. Bitcoin can be used as legal tender in El Salvador. It is also widely used in Venezuela and Colombia. Paraguay, Uruguay and Panama are also continuing to work on legislation to make virtual currency use easier within their borders.
Whether you agree or disagree with Musk on everything, we can all agree that it’s too late to kill crypto.
Flipside
- Despite ongoing crypto bans in China, Turkey, India and other countries – the cryptocurrency market continues to grow.
- Its very existence is only strengthened by any attempts to ban them.
What are the reasons to care?
Regardless how you may feel about Elon Musk, he’s now the richest man in the world. He may no longer have the ability to direct change the cryptocurrency price via tweets, but he has the power and influence of millions of people worldwide including policymakers.
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