Business magnate Elon Musk is once again in the spotlight following the approval of Bitcoin Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). During an event on Twitter Spaces with Cathie Wood, CEO of Ark Invest, Musk shared his thoughts on the use of Bitcoin and disclosed information about his personal investments and those of SpaceX in cryptocurrencies.
In response to Wood’s question about whether he would consider using Bitcoin as part of the X infrastructure (formerly Twitter), Musk expressed receptiveness, although he admitted that he doesn’t pay much attention to BTC in his daily life. This attitude aligns with his previous statements expressing skepticism about cryptocurrency technology, citing environmental concerns as the reason for Tesla’s decision to stop accepting BTC as a payment method for vehicles.
Join me along with many special guests as we discuss all things bitcoin! https://t.co/GyyWMvDWhy
— Cathie Wood (@CathieDWood) January 10, 2024
Musk likened Bitcoin to gold, stating that, in his opinion, it is not ideal for everyday transactions but rather serves as a store of value. While reiterating his passive stance toward the flagship cryptocurrency, the entrepreneur confirmed holding a substantial amount of Dogecoin personally and revealed that SpaceX, the aerospace company he leads, has investments in Bitcoin.
The SEC’s approval of Bitcoin ETFs marked a historic milestone for the cryptocurrency industry, causing an immediate impact on the market. The value of Bitcoin reached $47,500 in response to the news, and other cryptocurrencies also experienced significant increases.
Finally, the SEC Greenlights Bitcoin ETFs
The SEC, in turn, gave the green light to the ARK 21Shares Bitcoin ETF, reducing its expense ratio and providing an introductory incentive. This fund plans to implement a fee waiver for the first six months or until the fund’s assets reach the $1 billion threshold, whichever comes first.
It is noteworthy that, despite Musk’s recent interaction with the SEC and his ironic comment about the mistaken approval of BTC ETFs, Tesla continues to be a significant figure in the crypto landscape. The company had stopped accepting BTC as a payment method in 2021 due to environmental concerns.
Looking ahead to the future, with BTC making its way into institutional finance, we might begin to see more interaction between companies like those led by Musk and the crypto ecosystem. We will be attentive to future developments
