Musk Interview | Recent Regulatory Review: Cryptocurrencies Suppressed by the CCP for Weakening Authoritarianism, US Better off Without Regulation

In a recent interview, Musk shared his views on China's crackdown on cryptocurrencies, U.S. crypto regulatory policies, and the nature of virtual currencies. He stated, "Cryptocurrency is not a savior, but it does have some merit. It has the potential to reduce errors and delays in traditional currency systems."

https://www.youtube.com/watch?v=ESIjxVudERY

China's Crackdown on Cryptocurrency

Host Kara Swisher opened by addressing China's recent crackdown on cryptocurrencies. Musk jokingly emphasized, "Crypto is my safe word," before stating:

It's clear that China is not a fan of cryptocurrencies. While we can't accurately explain why, we can speculate on several reasons. China has serious electricity problems in many regions, and cryptocurrency mining may exacerbate the power shortage, but I'm not entirely sure. I believe the purpose of cryptocurrency is to reduce the power of centralized governments, which is why the Chinese government isn't too fond of it. These are just my speculations.

Kara Swisher: Is it right for governments to control cryptocurrencies? Is it possible?

I don't think destroying cryptocurrencies is possible, but governments have the ability to slow down their development through regulation.

Kara Swisher: The SEC chairman described cryptocurrencies as the Wild West. What should the government do?

Do nothing. I'm not a cryptocurrency expert, and although I don't see cryptocurrencies as a savior, they do have some value and the potential to reduce errors and delays in traditional monetary systems. Governments are used to editing financial data, and since they can't change that behavior, it may give cryptocurrencies some value.

Starlink to Generate Substantial Revenue

Musk discussed the "Starlink project," believing that Starlink will bring high-bandwidth, low-latency internet options and provide services to areas that cannot afford 5G or fiber optic networks.

At the same time, he sees the revenue potential of Starlink, projecting a monthly revenue of up to $30 billion once widely adopted, which could then fund the development of the "Starship."

He emphasized that the development of Starship will be a key foundation for building cities on the Moon and Mars.

Mars Travel Will Become a Reality

Kara Swisher mentioned some criticisms of space travel, to which Musk countered by pointing out that many technologies are initially very expensive but become more affordable as they become more widespread. For example, Tesla's initial "Roadster" was considered a car for the wealthy, and Tesla didn't have the capability to develop a more affordable electric car at that time until they introduced the "Model 3." He stated:

Someday, the cost of traveling to Mars will be affordable for everyone.