Elon Musk is known to pitch in his two cents regarding any matter around cryptocurrencies. He took a very keen approach with Bitcoin back in the day, even amassed tons of it for its company Tesla and then replaced his focus and likeness with Dogecoin replacing Bitcoin altogether. The crypto market is a very volatile entity and therefore needs to be regulated properly by the regulating bodies. Despite the fact that decentralization can’t be ruled or governed by a single entity, state, or country, the need for certain regulations is a must for not only the crypto market but also the other monetary markets such as the fiat and stock markets so all of these can exist together.
Recently Elon has said that regulators should back off and give cryptocurrencies some room to breathe. He has tweeted about this newly acquired taste of the crypto regulators, which is to meddle into the affairs of the crypto market without any practical need. Elon believes that this type of approach should be discarded and ridiculed so that the crypto market could have a little room to breathe. In his recent tweet, he said and advised the government to do nothing regarding cryptocurrencies because he thinks these unwanted regulations are actually bringing the flight of the crypto market down.
Musk Wants Decentralized Finance
He is not bent out of shape on the regulators doing their best to regulate the crypto space, but he advised to tread lightly with overregulation. Musk truly admires the idea of decentralization and cryptocurrencies, and in a recent code conference, he declared cryptocurrencies the future of modern finance. In another interview with New York Times, Musk has stressed that overregulation is not a friend of the crypto market and needs to be lashed when there is still time.
According to Musk, it is not quite possible to destroy the crypto market and stop people from trading or taking an interest in that space. The very reason is known to everybody because of decentralization. But what government can do here is to slow down its role with the advancement of harsh regulations, which are unnecessary and therefore damaging not only the flight of cryptocurrencies but their chance at becoming the monetary standard of the future.