Elon Musk open to using Bitcoin on X, fueling hope among market participants

Elon Musk shared his thoughts on the use of Bitcoin with Cathie Wood of Ark Invest.
In a Spaces conversation, Musk said he is open to using Bitcoin on X.
Musk revealed that SpaceX owns Bitcoin, while sharing his optimism on the asset.

Ark Invest CEO Cathie Wood hosted a Spaces discussion on the latest developments in Bitcoin. Elon Musk joined the conversation and shared his views on BTC. The X owner is not opposed to the idea of using Bitcoin on the platform, however he considers it similar to Gold.

Also read: Bitcoin ETF approval kicks off fee wars, expert say BlackRock, Fidelity, Grayscale will stay long term

Bitcoin could be used on X, Musk shares positive views on BTC

Bitcoin Spot ETF approval by the Securities and Exchange Commission (SEC) ushered in optimism among market participants. The CEO of Ark Invest, one of the issuers that welcomed the SEC approval, hosted a Space on X, where Woods was joined by X owner, Elon Musk.

https://t.co/GyyWMvDWhy
— Cathie Wood (@CathieDWood) January 10, 2024

Woods and the teams at Ark Invest and 21Shares shared their optimism on Bitcoin. Musk didn’t discount the idea of using Bitcoin on the platform. The X owner maintained a positive stance on the largest cryptocurrency by market capitalization.

Musk revealed that he holds Dogecoin, and SpaceX, Musk’s American Spacecraft Manufacturer business, holds Bitcoin.

On Tuesday, Musk reacted to the SEC’s false Bitcoin ETF approval tweet with his response to a tweet that called users to guess the regulator’s password on X.

LFGDogeToTheMoon!!
— Elon Musk (@elonmusk) January 9, 2024

Though Musk shared that he is open to the idea of using Bitcoin for payments on X, it is important to note that the Tesla CEO believes that BTC is similar to Gold and not best suited for payments.

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