In addition to using BTC on X, Musk hinted at the possibility of using BTC as currency on Mars.
Blockstream develops products and networks that make financial markets more efficient by decreasing reliance on trust.
Blockstream was founded to develop new ways to accelerate innovation in crypto currencies, open assets and smart contracts. Blockstream’s team believes in the potential of bitcoin and blockchain technology to have a significant, positive social impact.
Blockstream’s core area of innovation is sidechains, a technology focused on improving on the blockchain, the most powerful public utility for distributed trust systems. Sidechains are blockchains that are interoperable with each other and with Bitcoin, avoiding liquidity shortages, market fluctuations, fragmentation, security breaches and outright fraud associated with alternative crypto-currencies.
The company recently raised $55 million in Series A funding to further enhance their sidechain technology, expand their operations globally, and support new industry partnerships, bringing the total investments in the company to $76 million.
In addition to using BTC on X, Musk hinted at the possibility of using BTC as currency on Mars.
Anticipation is building for the approval of a spot Bitcoin ETF in January 2024. If it happens, it could bring a significant influx of at least $12 billion to $14 billion into the BTC market, potentially driving up the price.
Back’s optimism does not solely hinge on the halving. The Blockstream CEO is confident that Bitcoin will scale new heights even before the event.