Elon Musk Acknowledges Bitcoin’s Engineering Prowess
Billionaire Elon Musk recently recognized the impressive engineering behind the Bitcoin infrastructure. His comments came as the spot Bitcoin ETF was approved in the United States for the first time ever.
Bitcoin as a Store of Value
In a conversation with Cathie Wood on the X platform, Musk acknowledged Bitcoin as an engineering marvel, but not primarily as a currency. He sees it more as a store of value. When asked about Bitcoin’s mainstream usage and crypto mining, Musk admitted that he doesn’t think much about the cryptocurrency compared to other things 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 Brings More Institutionalization
The lack of regulatory clarity has been a major hindrance to mainstream institutional investment in the crypto market. However, recent victories in lawsuits against the SEC have pushed the agency into a corner regarding enforcing securities laws on crypto companies. The approval of spot Bitcoin ETFs in the US paves the way for greater participation from financial incumbents like Blackrock and Fidelity who have already introduced their own Bitcoin ETFs.
Hot Take: Elon Musk Acknowledges Bitcoin’s Potential
Elon Musk’s recognition of Bitcoin’s engineering prowess and acceptance of its potential as a store of value is noteworthy. Despite not giving it much thought compared to his other endeavors, Musk remains open to using Bitcoin. The approval of spot Bitcoin ETFs in the US is a significant step towards mainstream adoption and institutionalization of cryptocurrencies. This move will likely encourage more financial incumbents to enter the market, further solidifying Bitcoin’s position as a valuable asset. As the crypto industry continues to evolve, it will be interesting to see how Musk’s perspective on Bitcoin develops in the future.
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