Tesla CEO Elon Musk stated on Tuesday that the US government should avoid attempting to control the cryptocurrency industry.

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said at the Code Conference in Beverly Hills, California.

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Musk was on stage answering a question from New York Times journalist Kara Swisher. She questioned whether the United States government should be involved in regulating the crypto realm.

“I would say, ‘Do nothing’, Just let it fly”, he said.

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Tesla said earlier this year that it had acquired $1.5 billion in bitcoin. As bitcoin prices rose in the second quarter, the value of such assets increased to around $2.5 billion. Bitcoin, like other cryptocurrencies, has since fallen in value.

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Musk, who has regularly tweeted his support for different digital currencies, is positive on the role of cryptocurrency in potentially decreasing “error and latency” in conventional money systems. However, he admitted that cryptocurrency did not hold all of the remedies to society’s issues.

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“I wouldn’t say that I’m a massive cryptocurrency expert,” said Musk. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”

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Earlier in the conference, US Securities and Exchange Commission (SEC) Chair Gary Gensler stated that there is potential for cryptocurrency to be deemed a security, and platforms to be viewed through the prism of those rules.

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Elon Musk also recently praised the trading hamster Mr.Goxx on Twitter.

Mr. Goxx, the live-streamed hamster, has been trading a portfolio of multiple cryptocurrencies on his own since June 12, with spectacular gains thus far. His portfolio has increased by more than 20% in the last four months, outperforming the S&P 500 and Warren Buffet.