Billionaire Elon Musk on Wednesday, January 10, 2024, acknowledged the engineering prowess behind the Bitcoin infrastructure. His feedback got here within the backdrop of the approval of the spot Bitcoin ETF within the United States for the primary 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 govt officer Cathie Wood in a dialog on the X platform, Musk acknowledged the engineering marvel behind Bitcoin, however no more as a foreign money however a retailer of worth. However, when quizzed extra about Bitcoin utilization within the mainstream and crypto mining, the billionaire said he thinks little or no concerning the cryptocurrency among the many many issues 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 important thing explanation why the crypto market was plagued of mainstream institutional cash stream was the dearth of readability within the business concerning the stance of US regulators. However, with the XRP lawsuit victory and the following setback to the U.S. Securities and alternate fee (SEC) within the Grayscale lawsuit, the company was pushed to a nook by way of imposing securities legal guidelines on crypto corporations. With the approval of spot Bitcoin ETFs within the US, the business would formally open the gates to the monetary world, as incumbents like Blackrock and Fidelity already made method with their very own Bitcoin ETF.
Also Read: Spot Bitcoin ETF Approved: Here’s Why Grayscale is the Biggest Winner
The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
