Elon Musk Says Open To The Idea Of Using Bitcoin

Billionaire Elon Musk on Wednesday, January 10, 2024, acknowledged the engineering prowess behind the Bitcoin infrastructure. His comments came in the backdrop of the approval of the spot Bitcoin ETF in the United States for the first time ever.

Also Read: Ripple Legal Chief Credits US SEC Court Losses For Bitcoin ETF Approval

Elon Musk Thinks Very Little Of Bitcoin

Joining Ark Invest chief executive officer Cathie Wood in a conversation on the X platform, Musk acknowledged the engineering marvel behind Bitcoin, but not more as a currency but a store of value. However, when quizzed more about Bitcoin usage in the mainstream and crypto mining, the billionaire said he thinks very little about the cryptocurrency among the many things he works on.

“I am open to the idea of ​​using Bitcoin but of all the things I think of, I think of Bitcoin very little.”

Bitcoin ETF Means More Institutionalization

One of the key reasons why the crypto market was plagued of mainstream institutional money flow was the lack of clarity in the industry about the stance of US regulators. However, with the XRP lawsuit victory and the subsequent setback to the U.S. Securities and exchange commission (SEC) in the Grayscale lawsuit, the agency was pushed to a corner in terms of enforcing securities laws on crypto companies. With the approval of spot Bitcoin ETFs in the US, the industry would officially open the gates to the financial world, as incumbents like Blackrock and Fidelity already made way with their own Bitcoin ETF.

Also Read: Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner