Elon Musk, in conversation with Ark Invest CEO Cathie Wood on Wednesday, shared his thoughts on the use of Bitcoin BTC/USD.
What Happened: During an X Space event, the Tesla CEO didn’t discount the idea of using Bitcoin on X.
While Musk reiterated his typically passive stance toward the apex cryptocurrency, stating, “I don’t spend a lot of time thinking about Bitcoin.” However, he said he is “open to the idea of using Bitcoin on X.”
Musk added, “Bitcoin is like gold. Bitcoin is not good for payments.”
He also revealed his personal and SpaceX’s investments in cryptocurrencies. “I own a lot of Dogecoin DOGE/USD and SpaceX owns Bitcoin,” he said.
Bitcoin ETFs received the green light from U.S. regulators, heralding a new chapter for the apex crypto that has been around for 15 years. The stage is set for the trading of these ETFs to commence on Thursday.
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Why It Matters: The announcement had an immediate impact on the market, with Bitcoin’s value cresting at $47,500. This uptick was echoed across the crypto market, with other altcoins enjoying a surge as well.
The Securities and Exchange Commission (SEC) on Wednesday sanctioned the ARK 21Shares Bitcoin ETF. In a bid to align with competitive market offerings, the fund has revised its earlier expense ratio from 0.25% down to 0.21%.
In addition to the reduced management fee, there’s an introductory incentive on the table. The ETF plans to implement a fee waiver for the initial six months or until the fund’s assets reach the $1 billion threshold, whichever comes first.
On Tuesday evening, Musk took a jab at the SEC following their erroneous tweet about the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Musk, who had been silent about Dogecoin for a while, reentered the discourse by responding to a query about the SEC’s mishap with “LFGDogeToTheMoon.”
It should be noted that Tesla in 2021 stopped accepting Bitcoin for vehicle purchases over concerns of the cryptocurrency’s environmental impact.
Price Action: At the time of writing, BTC was trading at $46,487 up 0.76% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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