"When the spot BTC ETF is approved, Elon Musk is excited to talk."
Billionaire Elon Musk on January 10, 2024 acknowledged the engineering prowess behind the Bitcoin (BTC) cryptocurrency infrastructure when the spot BTC ETF was approved by the Securities and Exchange Commission (SEC) for the first time in the United States (US).
Joining Ark Invest Chief Executive Officer (CEO) Cathie Wood in a conversation on the X platform, Musk also welcomed the idea of using BTC, however not more as a currency but a store of value.
Even so, Musk who was questioned further about the mainstream use of BTC and crypto mining has said that he thinks very little about crypto after he has a lot of work to do.
It is well known that one of the main reasons why the crypto market is plagued by mainstream institutional money flows is the lack of clarity in the industry regarding the stance of US regulators.
However, XRP's lawsuit victory and its defeat at the SEC commission in the Grayscale lawsuit have led to US regulators being pushed back from enforcing securities laws on crypto firms.
Plus the approval of spot BTC ETFs in the US has pushed the digital asset industry to grow further in the financial world with giant firms such as BlackRock and Fidelity already using their own BTC ETFs.
As of this writing, BTC price has plunged by 0.09% to $45,973 in the last 24 hours with a market cap of $900 billion but is still up 6.25% over the last week.
