Elon Musk, the CEO of Tesla, recently discussed his views on Bitcoin during a conversation with Cathie Wood, the CEO of Ark Invest. The discussion took place at an X Space event and shed light on Musk’s stance on the use of Bitcoin in his ventures.
While Musk has been known for his passive approach towards Bitcoin, stating that he doesn’t spend much time thinking about it, he mentioned that he is open to the idea of using Bitcoin on X. However, he also emphasized that Bitcoin is more like gold and not suitable for payments.
Musk also revealed his personal and SpaceX’s investments in cryptocurrencies. He stated that he owns a significant amount of Dogecoin, while SpaceX holds Bitcoin. This disclosure highlights Musk’s continued interest in the cryptocurrency market and his willingness to explore different digital assets.
The discussion between Musk and Wood comes at a significant time for Bitcoin. The US regulators recently approved Bitcoin ETFs, signaling a new era for the cryptocurrency. This development has had an immediate impact on the market, with Bitcoin’s value reaching $47,500 and causing a surge in other altcoins as well.
In addition to the Bitcoin ETF approval, the SEC also sanctioned the ARK 21Shares Bitcoin ETF. The fund has reduced its expense ratio and implemented an introductory incentive, further aligning itself with competitive market offerings.
It’s worth noting that Musk has had his fair share of interactions with the SEC. He recently took a jab at the regulatory body following their erroneous tweet about the approval of Bitcoin ETFs. Musk’s response, which included a Dogecoin meme and the phrase “LFGDogeToTheMoon,” highlights his playful and sometimes controversial nature when it comes to cryptocurrency.
It’s important to mention that Tesla stopped accepting Bitcoin for vehicle purchases in 2021 due to concerns about its environmental impact. This decision raised questions about Musk’s commitment to the cryptocurrency and its practical use in everyday transactions.
At the time of writing, Bitcoin is trading at $46,487, showing a 0.76% increase in the last 24 hours. This price action demonstrates the continued volatility and fluctuation in the cryptocurrency market.
In conclusion, Elon Musk’s recent conversation with Cathie Wood sheds light on his thoughts regarding the use of Bitcoin on his ventures. While he remains passive towards Bitcoin, he is open to the idea of utilizing it on X. This discussion comes at a significant time for Bitcoin, with the approval of Bitcoin ETFs and the market’s positive response. Musk’s personal and SpaceX’s investments in cryptocurrencies further demonstrate his ongoing interest in the digital asset market.
