Get All Access for $5/mo

Elon Musk Says Government Should 'Do Nothing' on Cryptocurrency The Tesla CEO said Tuesday that the United States government shouldn't regulate the crypto market.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

picture alliance | Getty Images

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

"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?"

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Leadership

Why Your AI Strategy Will Fail Without the Right Talent in Place

Using fractional AI experts through specialized platforms allows companies to access top talent cost-effectively, drive innovation and scale agile strategies for growth.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Science & Technology

Use This Framework to Successfully Integrate AI Into Your Business Operations

Here's how to ensure both innovation and compliance when using AI in your organization.