In a recent exchange with Ark Invest CEO Cathie Wood, tech entrepreneur Elon Musk communicated his willingness to consider the use of Bitcoin in undisclosed projects. Although Musk typically maintains a passive stance towards the premier cryptocurrency, stating, “I don’t spend a lot of time thinking about Bitcoin,” he did mention being “open to the idea of using Bitcoin on X.”

Interestingly, Musk likened the nature of Bitcoin to gold, stating it’s not suitable for payments. He also disclosed his personal investment in Dogecoin, and SpaceX’s investment in Bitcoin. This revelation comes on the heels of US regulators granting approval for Bitcoin exchange-traded funds (ETFs), marking a historic moment for the 15-year-old crypto.

The regulatory greenlight had an almost immediate effect on the market, with Bitcoin’s value reaching a high of $47,500. This positive trajectory was reflected across the broader crypto market, with several altcoins experiencing a boost. The approved ETF, the ARK 21Shares Bitcoin ETF, lowered its expense ratio from 0.25% to 0.21%, seemingly to remain competitive. An introductory incentive is also planned, with a waive on fees for the first six months, or until the fund hits the $1 billion asset threshold.

Meanwhile, Musk couldn’t resist taking a playful hit at the U.S. Securities and Exchange Commission (SEC) for their mistaken announcement about the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Using the incident to break his silence on Dogecoin, he responded to a question about the SEC blunder by tweeting “LFGDogeToTheMoon.” Worth mentioning is Tesla’s decision earlier this year to cease accepting Bitcoin purchases of its vehicles, due to environmental impact concerns related to the crypto.