Elon Musk, Tesla CEO, said Tuesday that the U.S. should not try to regulate the cryptocurrency market.
Musk stated that it was impossible to destroy crypto but that governments can slow down its progress at the Code Conference in Beverly Hills.
Musk responded on stage to Kara Swisher, a New York Times columnist. She asked if the U.S. government should regulate the crypto space.
He said, "I would say, Do nothing'."
Tesla stated that it had bought $1.5 billion worth bitcoin in the first quarter of this year. As bitcoin prices soared, the value of these holdings rose to $2.5 billion in quarter 2. Since then, bitcoin has fallen along with other cryptocurrency.
