Elon Musk Says Government Should 'Do Nothing' on Cryptocurrency

Tesla CEO Elon Musk said Tuesday that the United States government shouldn’t regulate the crypto market. 

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“It’s not possible to, I think, destroy crypto but it is possible for governments to slow down its advancement,” Musk said.

He was speaking at the Code Conference, talking to journalist Kara Swisher. His advice to governments, he said, is, “Do nothing.” 

He also noted he doesn’t consider himself “a massive cryptocurrency expert.”

Related: How a Series of Elon Musk Tweets Helped Lead Investors to Dogecoin, a Meme-Inspired Cryptocurrency Worth 4 Cents

“I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah,” he added. 

“Massive cryptocurrency expert” or not, Musk’s impact on the market is undeniable. Last May, he announced that Tesla would no longer accept bitcoin for payment because of its environmental impact. As a result of his announcement, bitcoin’s value took a hit.

Earlier this month, Entrepreneur reported that Dogecoin, a cryptocurrency that started as a joke, increased in value by about 4,600% over the past year. A major factor in that growth was Musk himself, who tweeted about Dogecoin repeatedly.

Musk has been the strongest and most controversial promoter of Dogecoin. Every time the mogul tweets something about the cryptocurrency meme, it increases in value practically instantly.

Still, in May, he advised people to invest with caution. Asked by a TMZ reporter whether Dogecoin “could really be the next cryptocurrency for the world,” he responded, “I think it should be the will of the people, you know?”