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- Musk owns a family of multi-billion companies that have already invested in Bitcoin and Dogecoin, with further integration expected soon.
- Musk could easily be dethroned from the most-richest person when Bitcoin price reaches $1 million amid the mass adoption of crypto assets fueled by the spot Bitcoin ETFs approval in the US.
The mainstream adoption of cryptocurrency and web3 products will experience significant acceleration in the next two years fueled by institutional investors and continued improvements of regulatory aspects around the world. As a result, more merchants will integrate with Bitcoin and other digital assets to improve their online sales and reach new markets.
According to BTC Map, nearly 10k merchants around the world have integrated with Bitcoin, with the latest major being Japan’s largest e-commerce platform Mercari through Melcoin.
In a bid to remain competitive, the world’s richest person by US dollar denomination, Elon Musk, has indicated plans to further adopt crypto assets in his family of multi-billion companies. For instance, X payments are expected to be launched this year with a high possibility of integrating Bitcoin, Dogecoin, and other crypto assets.
During an X space titled “ARK 21Shares Bitcoin ETF (ARKB) Approved” Musk indicated that crypto is the best candidate to use on Mars as a form of payment. However, he highlighted that the use of Bitcoin on Mars could require miners to relocate to ensure fast finality on the red planet due to time differences.
Elon answers what money he would use on Mars: pic.twitter.com/VJQeIM0qqJ
— Sam Callahan (@samcallah) January 11, 2024
Closer Look at Bitcoin Spot ETF Impact
The approval of spot Bitcoin ETFs in the United States will significantly improve the existing liquidity for the crypto market. Moreover, more institutional investors have confidence in the crypto market as an investment asset class. Meanwhile, education on wealth managers on the importance of spot Bitcoin ETFs is expected to help accelerate the adoption of new investment products over the coming years.
“It wouldn’t shock me if ETF users broadly who are now looking at getting some exposure to bitcoin within the ETF vehicle are going to go through their normal review process to make sure that they’re comfortable with the ETF, and that often takes time,”
David Mann, Franklin Templeton’s head of ETF products and capital markets, noted.
With the approval of spot Bitcoin ETFs in the United States, the next major thing from the agency could be the approval of the spot Ethereum ETFs. Moreover, several fund managers led by BlackRock already submitted their applications.
BTC Market Outlook
Bitcoin price action will significantly be impacted by the mass adoption fueled by institutional investors in the coming years. In the short term, the upcoming halving event in less than 100 days will add to the macro bullish outlook. Meanwhile, Bitcoin price faces possible short-term correction after a notable rally before the approval of spot ETFs in the United States.
As a result, the much-anticipated altcoin season could materialize in the coming few months. Furthermore, Ethereum, Cardano, Polkadot, and Ethereum Classic have led the altcoin market in the macro breakout. On the other hand, Bitcoin price had only gained around 1.1 percent in the past 24 hours leading to Thursday to trade at No coins selected.
