Musk Discloses Personal And SpaceX Crypto Holdings While “Open To The Idea Of Using Bitcoin On X”
Elon Musk discussed Bitcoin’s potential uses with Ark Invest CEO Cathie Wood during their chat on Wednesday.
“I don’t spend a lot of time thinking about Bitcoin,” Musk said, restating his usual passive attitude toward the leading cryptocurrency. Still, he expressed an openness to “the idea of using Bitcoin on X.”
Musk further stated, “Bitcoin is comparable to gold. You can’t use Bitcoin as a payment method.” Additionally, he disclosed that both he and SpaceX have cryptocurrency holdings. He disclosed that he was a big Dogecoin owner and that SpaceX was a Bitcoin owner.
U.S. officials gave the go-ahead for Bitcoin ETFs, marking the beginning of a new era for the leading cryptocurrency that has been operating for fifteen years. All is prepared for these ETFs to start trading on Thursday.
Bitcoin’s value soared to $47,500 after the news, which had an instantaneous effect on the market. Other cryptocurrencies also saw a jump in value, reflecting the general trend in the cryptocurrency industry.
The SEC decertified the ARK 21Shares Bitcoin ETF as of Wednesday. The fund’s previous fee ratio was 0.25%; now it’s 0.21% in an effort to coincide with competitive market offers.
Aside from the lowered management cost, there is also an initial incentive being considered. Until the fund’s assets exceed $1 billion, or for the first six months, whichever comes first, the ETF intends not to pay fees.
Musk criticized the SEC on Tuesday night for their misleading tweet on the approval of Bitcoin Spot ETFs. Musk, who has been absent from Dogecoin discussions for some time, rejoined them when he replied to a question on the SEC’s mistake with the hashtag “LFGDogeToTheMoon.”
It is worth mentioning that in 2021, Tesla ceased using Bitcoin as payment for vehicles due to worries about the cryptocurrency’s effect on the environment.
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