The prices of Bitcoin and Cryptocurrencies have endured an unsatisfactory September in which they struggled to gain or even gain ground.
The bitcoin price has come down nearly 10% in the last 30 days as China’s latest crypto crackdown thwarts the excitement of many cryptocurrency and bitcoin traders.
Today, Tesla chief executive Elon Musk, one of the biggest supporters of bitcoin’s cost this year He has also warned that the crypto market that he doesn’t believe is “the second coming of the Messiah,” adding that it’s “possible for governments to slow down [bitcoin and crypto’s] advancement.”
Musk spoke in front of New York Times columnist Kara Swisher on stage at the California Code Conference, said the U.S. government shouldn’t try to regulate the cryptocurrency market Musk told regulators and lawmakers that they must “do nothing.”
“Just let it fly,” Musk stated. “There’s some value in crypto, but I don’t think it’s the second coming of the messiah. It will hopefully reduce the mistakes and latency in heritage fund systems.”
The world’s governments have increased their scrutiny of the still-in-progress crypto and bitcoin markets over the past few months in response to the rising prices and growing demand for the technology. In the U.S., U.S. Securities and Exchange Commission chairman Gary Gensler has been called to strengthen market supervision and has stated that he would like to protect investors better.
Musk, however, reduced how government influence could be over bitcoin and cryptocurrency. Musk claimed that “it is not possible to … destroy crypto, but governments can slow down its advancement.”
In the meantime, China last week escalated the crackdown on crypto that started in May. It declared all transactions involving cryptocurrency illegal and prevented foreign exchange companies from offering assistance for Chinese residents. In the spring of this year, China has decided to block the use of powerful computers to protect blockchains of cryptocurrency in exchange for coins that have been freshly minted in China, crashing bitcoin prices and the overall cryptocurrency market.
“It would appear [the Chinese government doesn’t] love crypto,” Musk declared. “I suppose crypto is fundamentally aimed at decreasing the power of centralized government, and they don’t like that, is my guess.”
The price of bitcoin dropped dramatically through September, following an unrelenting China crackdown.
In the first quarter of this calendar year, Tesla disclosed that they had bought $1.5 billion in bitcoin, the majority of which it will keep on its books of balance. Musk has also announced the suspension of Tesla’s bitcoin payment service due to the astronomical energy requirements of bitcoin. Musk has since taken the dogecoin cryptocurrency based on memes as his project and has urged developers to assist in improving it and recommending that the meme coin collaborates with the second-largest cryptocurrency behind bitcoin Ethereum to “beat bitcoin hands down.”
Musk’s tweet-based bitcoin and cryptocurrency tweets frequently affect the price of bitcoin. However, he recently reduced his cryptocurrency-related tweets on Twitter.
“I don’t tweet about crypto that much,” Musk stated to Swisher, but Musk did weigh in this week on one of the most talked-about crypto stories.
“Hamster has mad Skillz,” Musk tweeted this week, in response to the widespread success of Mr. Goxx, the hamster who trades in crypto, which has managed to out-trade several human investors.