Following China’s recent crypto crackdown, top billionaire Elon Musk thinks that it would be difficult to completely eliminate cryptocurrencies. He, who is most commonly known as the CEO of Tesla and Space X tech brands, and who is usually enthusiastic about crypto investors, particularly Doge, is optimistic about the further growth of this new sector.
In an event on September 28, Musk said that financial authorities should refrain from attempting to stop the growth of crypto industries.
In the wake of Tesla’s $1.5 billion acquisition of Bitcoin earlier this year, Elon Musk has gone into more detail about his interest in the technology underpinning digital assets.
He said that China’s prohibition on cryptocurrency mining was most likely driven by serious power generation problems in the nation at the time. He went on to say that Bitcoin mining has the potential to aggravate energy shortages and power disruptions, especially in Southern China.
In this respect, it was pointed out to him that crypto assets were mainly intended to undermine the authority of centralized governments, posing a threat to the Chinese government.
Elon Musk Thinks Crypto Regulations Should Not Be Too Detrimental
Musk was also questioned whether the US government should be engaged in regulating the cryptocurrency sector. He said that governments would “not be able” to destroy cryptocurrencies, although he did acknowledge that governments may have a role in restricting innovation in the future.
Despite Musk’s view that destroying Bitcoin is not imaginable, he warned that governments may be able to “impede the development of cryptocurrencies”.
Later in the address, the speaker said that the US government should “do nothing” in the situation.
Ethereum, According to Polygon Insider, May Supersede Bitcoin
Polygon co-founder, Sandeep Nailwal believes that Ethereum will soon replace Bitcoin as the main layer-one protocol, and that this will happen over the next few months or years.
According to Nailwal, the decentralized finance (DeFi) sector will ultimately become the final settlement layer for the Ethereum platform.
Polygon’s scaling solution is expected to be critical in guaranteeing the long-term sustainability of the Ethereum network.
According to him, the Ethereum chain is just out of reach for any other chain because of its foundations, security, degree of decentralisation, and community and trust that it has built up over time.
He stated that growth in the number of use cases will ultimately make Ethereum better than Bitcoin in terms of overall performance in the long run.
If Bitcoin does not broaden its scope of application beyond the monetary system function, it will be unable to survive in its present form as a layer-one protocol in the long term.
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Do you share the same thoughts as Elon? What do you think of the rivalry between Bitcoin and Ethereum? Share your opinions with us in the comments below.