In addition to using BTC on X, Musk hinted at the possibility of using BTC as currency on Mars.
The crypto community is discussing the chances to see the spot ETH ETF applications approved in May 2024.
The approved ETFs are expected to attract significant inflows. Estimates suggest that Valkyrie could see $200-400 million, with the overall market experiencing $4-5 billion in inflows within the first few weeks.
In response to the breach, SEC Chair Gary Gensler swiftly clarified that the commission had not approved the listing and trading of spot Bitcoin ETFs.
Elon Musk’s X app is set to offer users peer-to-peer payments later this year as it moves closer to achieving “everything” status.
Standard Chartered compares the Bitcoin ETF launch to the Gold ETF launch of 2004. It expects the BTC price to rally all the way to $200,000 in two years post the ETF approval.
Bitcoin hit its 20-month high on Monday as the former SEC chairman Jay Clayton said that the BTC ETF approval is inevitable.
Applicants have submitted final S-1 amendments for proposed spot Bitcoin ETF approvals expected from Wednesday.
The move into cryptocurrency is not the company’s first foray into the digital assets ecosystem. Last year, Mercari launched different crypto-related offerings for customers.
US SEC is expected to greenlight the first spot Bitcoin ETF this week, opening the door for a possible $10 billion inflow in 2024.
It is believed that the approval of a spot BTC ETF could potentially drain the entire circulating supply of the crypto asset but some analysts in the industry have opposite opinions.
Insiders familiar with the proceedings indicate that the SEC may begin notifying issuers of approval starting Friday, paving the way for potential trading to commence as early as the following week.
Goldman Sachs’ Head of Digital Assets Mathew McDermott has emphasized the potential impact of approving spot Bitcoin and Ether ETFs on the cryptocurrency market.
Fidelity Investments filed form S-1 with the US SEC on December 29, 2023, to offer the Fidelity Wise Origin Bitcoin Fund shares via Cboe BZX Exchange.
Today Bitcoin is widely accepted in the United States, the United Kingdom, Asia-Pacific nations such as Hong Kong, Singapore, Thailand, the Middle East, and some European markets.