Elon Musk Discusses BTC ETF And Admits To SpaceX Holding Bitcoin
Elon Musk recently engaged in a conversation with Ark Invest CEO Cathie Wood, expressing his views on Bitcoin at an X Space event. The Tesla CEO, while maintaining his generally indifferent stance toward the leading cryptocurrency, mentioned his openness to considering the use of Bitcoin on X. Musk likened Bitcoin to gold, emphasizing its unsuitability for transactions.
Musk Comes Clean
During the discussion, Musk disclosed both his personal holdings of Dogecoin as well as the fact that SpaceX owns Bitcoin. Regarding Bitcoin ETFs recently gaining regulatory approval in the United States, signaling a new phase for both Bitcoin and the broader crypto industry in general, Musk remarked on the immediate market impact. BTC saw its value surge to $47,500, influencing a broader uptick in the crypto market, including various altcoins.
Ulterior Motives
In response to the United States Securities and Exchange Commission recently tweeting about the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), which was later said to be a false announcement after SEC Chair Gary Gensler stated that the account was hacked, Musk, who had been relatively silent about Dogecoin, reentered the conversation with the comment LFGDogeToTheMoon.
It is worth noting that in 2021, Tesla ceased accepting Bitcoin as payment for vehicle purchases due to concerns about the environmental impact associated with the cryptocurrency. In related news, X quietly removed a key feature for paid subscribers, as these users can no longer set an NFT as their profile picture. The feature was first introduced back in January 2022.
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