On January 10, 2024, billionaire Elon Musk acknowledged the technical capabilities behind Bitcoin's infrastructure, amidst the approval of the first-ever Bitcoin Spot ETF in the United States. Musk expressed his views in a conversation with Ark Invest CEO Cathie Wood on the X platform.
Limited Opinion on Bitcoin
Musk acknowledged how amazing the technology behind Bitcoin is. But he sees it more as a store of value than currency.
When asked further about the use of Bitcoin in general society and crypto mining, Musk revealed that he actually thought very little about the cryptocurrency among the many things he was working on.
Musk said, "I'm open to the idea of using Bitcoin, but of all the things I think about, I think very little about Bitcoin."
Also read: What are the 11 Bitcoin ETFs Approved by the SEC
Bitcoin ETFs and Further Institutionalization
One reason for the lack of large institutional money flowing into the crypto market is the unclear attitude of US regulators. However, with the victory in the XRP case and the SEC's setback in the Grayscale lawsuit, the agency is encouraged to enforce securities laws on crypto companies.
The approval of a Spot Bitcoin ETF in the US could open the door to the world of finance, following in the steps of Blackrock and Fidelity who already have their own Bitcoin ETFs.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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