Musk says to Code Conference crowd, "It would seem they don't like crypto."
Although he used to be a huge fan of cryptocurrency, his enthusiasm has diminished in recent years.
The SpaceX cofounder jokes also about Blue Origin, which is owned by Jeff Bezos of Amazon.
Elon Musk suggested that China's recent crackdown against bitcoin and other cryptocurrency was motivated by concerns that the technology might undermine its power.
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During a Tuesday interview at the Code Conference in Los Angeles, he stated that "it would appear they don’t love crypto." "I think crypto is fundamentally designed to reduce the power of the centralized government. They don't like it, is my guess."
China's central bank declared all cryptocurrency-related transactions illegal on Friday, and said foreign exchanges are banned from providing services to Chinese residents, in its strongest crackdown yet on the digital asset industry.
Musk was a huge fan of cryptocurrency, including bitcoin, dogecoin and other digital assets, but his enthusiasm has declined in recent months due to concerns about the environment.
In February, Tesla's CEO announced that the company had invested $1.5 billion into bitcoin. He also stated that Tesla would accept it as payment for cars. Tesla stopped paying bitcoin payments three months later due to the energy-intensive nature of mining.
Musk was asked Tuesday what regulators should do to respond to the rise of cryptocurrencies. I'd say nothing. He replied, "Just let it fly." Cryptocurrency has some value, but it is not the second coming of the messiah. It will hopefully lower the error rate and latency of legacy money systems.
Musk co-founded SpaceX rocket company, which made the first commercial flight to orbit the Earth earlier this month. The two billionaires are engaged in a fierce space race with Jeff Bezos, Amazon founder, and Musk battling it out on social media and through regulators.
Blue Origin, Bezos’s rocket company has filed a series of complaints to the FCC regarding SpaceX's Starlink satellite internet network and other issues. Musk mocked Bezos's legal moves and continued his attack on Tuesday.
He should be putting more effort into orbit than he is in lawsuits. He said that you can't sue to get to the moon, no matter how skilled your lawyers."
Musk was also asked about Blue Origin's shape. He said that it could take a different shape. He added that a suboribital rocket could be shorter, which prompted laughter from the audience.
Blue Origin's New Shepard Rocket takes off July 20, 2021, with Jeff Bezos aboard. Tony Gutierrez/AP
Musk unveiled a much-anticipated software update for Tesla cars on Saturday, which allows drivers to view their daily safety scores. Regulators have criticized the Full Self-Driving software of Tesla. Jennifer Homendy of the National Transportation Safety Board called the technology "irresponsible" and stated that the Wall Street Journal reported that the update was premature.
FSD, an enhanced version Autopilot that is included with every Tesla car, is a driver-assistance program. FSD does not make the car autonomous, but it allows the vehicle to change lanes and park itself. It also recognizes traffic lights and stop signs.
After Tesla shares recovered from a slump earlier this year, the tech entrepreneur was again the world's wealthiest person. Musk also owns Neuralink, which is a startup researching computer-to brain connectivity. The Boring Co. is tunneling under different cities.
His personal life also took a turn in this month. After three years of being together, the Tesla boss and Grimes (the singer and producer) ended their relationship. Musk stated earlier this month that Musk and Grimes broke up because their work at SpaceX/Tesla requires them to be primarily in Texas, or traveling abroad. Her work is primarily located in LA.
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