Elon Musk’s comments led to a spike in the price of cryptocurrencies especially post the one where he revealed he had plans of keeping the currencies for the long term.
At The B Word Conference, Elon Musk revealed owning Bitcoin and the other small cryptocurrencies causing an immediate rise in their prices.
The panel also invited Twitter CEO Jack Dorsey and Ark Invest Founder and CEO Cathie Wood alongside the Tesla owner with Steve Lea, Square Crypto Lead acting as the moderator. The entrepreneurs expressed their support for the crypto industry in general while also addressing the larger issues of environmental sustainability and the future of crypto.
The Live panel discussion led to an immediate rise in the prices of both famous cryptocurrencies like Bitcoin and Ether as well as their smaller counterparts like XRP and Dogecoin. The latter however dipped again towards the end of the discussion. Bitcoin rose to $32,765 Wednesday, and is currently (at the time of writing the article) trading at $32,063.11, about 4% higher in the past 24-hour slot. Another cryptocurrency Ethereum ascended to an impressive 12% whereas some others like XRP also recovered about 6%. Though these figures look positive, Bitcoin is still almost 50% down from its all-time high when it touched $65000.
The B Word Conference Highlights
While Musk was certainly the star of the panel, Twitter CEO Jack Dorsey also spoke about the larger role cryptocurrencies might play in the financial makeup. Though the Twitter founder gave his complete support to the rise and use of cryptocurrencies, he dodged Musk’s question with respect to using Bitcoin for Twitter ads payment. Instead, he said that the company’s focus right now was on developing the decentralized social media protocol Bluesky, which was first announced towards the end of 2019.
Elon Musk’s comments led to a spike in the price of cryptocurrencies especially post the one where he revealed he had plans of keeping the currencies for the long term. He openly declared that he wouldn’t engage in the so-called ‘pump and dump’ strategy and genuinely wants Bitcoin and the others to grow. As per the environmental cost due to crypto mining, the Tesla owner stressed the use of renewable energy would make the car company start accepting payment in Bitcoin again.
The two entrepreneurs also discussed the panel’s central theme i.e Bitcoin as a tool for economic empowerment. Though a little early to discuss, the hopes of these early runners in the race was hopeful for a lot of enthusiastic listeners. Dorsey sees Bitcoin as a currency separated from the government which at both macro and micro levels, is a big shift. He is hopeful that these cryptocurrencies would make the financial system more efficient while at the same time saving it from the plague of government interference. The panel, thus, touched on the interesting concept of Technolibertarianism and its possibility.
Dorsey went a step ahead and expressed his optimism about crypto leading to world peace. A little preposterous, Dorsey’s intentions about the crypto world definitely point towards his confidence in the same. With $1.5 billion invested in Bitcoin, Tesla has more than altruistic reasons to see the crypto numbers ascend.