The internet is abuzz with chatter and questions about cryptocurrency —yes, again— after Bitcoin’s price recently broke $60,000 a coin.
At a recent Code Conference, he declared cryptocurrency is already too widespread for governments to destroy.
Musk’s companies SpaceX and Tesla exemplify this.
Even now, with the company valued at over $1 trillion, the Biden administration is creating lucrative subsidies within the current infrastructure package that will further fund Musk’s overflowing piggybank.
These two examples highlight how the government has the power to prop up companies, people and ideas it likes.
Last month, it prohibited its citizens from holding, trading, or mining coins, causing the entire market to crash.
Some Washington decisionmakers have even floated the possibility of creating a so-called “Fedcoin” — the government’s very own cryptocurrency.
Whether the government will enter the crypto market or not is unclear; what is clear is that Musk is shortsighted in saying that it can’t squash the Bitcoin bug if it ever chooses to.
That is not to say that cryptocurrency is not a good short- or long-term investment option.