Elon Musk Considers Bitcoin Use on X, Reveals Personal and SpaceX Crypto Holdings

Tesla CEO Elon Musk, during an X Space event and in a conversation with Ark Invest CEO Cathie Wood, expressed openness to the idea of using Bitcoin on X. While maintaining his passive stance on Bitcoin, Musk likened it to gold, emphasizing its unsuitability for payments. Musk also disclosed his personal Dogecoin holdings and revealed that SpaceX owns Bitcoin.

Key Points from Musk's Discussion:

1. Bitcoin on X: Musk did not dismiss the possibility of using Bitcoin on X during the X Space event, stating that he is open to the idea despite Bitcoin not being ideal for transactions.
2. Bitcoin as Gold: Musk likened Bitcoin to gold, emphasizing its role as a store of value rather than a medium of exchange for payments.
3. Crypto Holdings: Elon Musk disclosed his significant holdings in Dogecoin personally, and he mentioned that SpaceX owns Bitcoin.

Bitcoin ETF Approval Impact:

The recent approval of Bitcoin ETFs by U.S. regulators had an immediate impact on the market, with Bitcoin's value surging to $47,500. This positive momentum extended to other cryptocurrencies as well.

ARK 21Shares Bitcoin ETF Approval:

The Securities and Exchange Commission (SEC) approved the ARK 21Shares Bitcoin ETF, and the fund adjusted its expense ratio from 0.25% to 0.21% to align with market competition. The ETF also introduced an introductory incentive, waiving fees for the first six months or until assets reach $1 billion, whichever comes first.

Musk's Response to SEC Tweet:

On Tuesday evening, Elon Musk took a playful jab at the SEC following their tweet misreporting the approval of Bitcoin Spot ETFs, responding with "LFGDogeToTheMoon." This marked his reentry into discussions about Dogecoin.

Tesla's Bitcoin Policy:

It's worth noting that in 2021, Tesla stopped accepting Bitcoin as payment for vehicle purchases due to concerns about the cryptocurrency's environmental impact.

Current Bitcoin Price Action:

As of the latest update, Bitcoin was trading at $46,487, showing a 0.76% increase in the last 24 hours.