Some investors see cryptocurrency as a great opportunity to eliminate economic inequalities in society, while others see it as a safeguard against inflation. Many people want to invest when they want to invest in digital currency. With the rapid rise of cryptocurrency, the debate over how to regulate it is also attracting. Officials around the world are contemplating measures on how to manage the disruptions it could cause, but its market and number of users is steadily growing. Earlier this week, billionaire entrepreneur Elon Musk, a staunch supporter of these virtual currencies, warned governments against attempting to “destroy” cryptocurrency. But he acknowledged that they could slow it down.
Cryptocurrency aims to reduce the power of a centralized government, which is why “they don’t want it,” Musk said. The Tesla and SpaceX founder report came amid repression over China’s cryptocurrency mine, which is said to be the cause of the country’s current power shortage. There is a consensus that cryptocurrency has the potential to boost the existing financial system, but how true Musk is that governments can no longer destroy cryptocurrency.
Considering the choices, some countries, such as El Salvador, have adopted cryptocurrency as a legal tender, while others are considering introducing their own cryptocurrency, which may be regulated or overseen by national regulators.
On one level he looks right. The crypto world has been around for more than a decade since the first virtual currency, Bitcoin, appeared in 2009. And over the years, Bitcoin alone has grown exponentially to reach $ 1 trillion in market capitalization. Overall, the market capitalization of the crypto world is over $ 2 trillion. The number of users who have invested real world money in it is increasing.
Even if countries like China try to suppress it, people are still likely to find ways to enter a lucrative but highly volatile market. This is because the whole system is online, which means that all transactions and processes work together on the Internet, using simple gadgets such as mobile phones. Destroying the crypto trade completely would be a difficult task for any government.
Musk, one of the sharpest minds in the tech business, may have understood this much better than others and it must have been a challenge to ban cryptocurrency.