Cryptocurrency investors, fans and market analysts are all currently paying close attention to the world’s largest cryptocurrency, Bitcoin, right now as expectations for its soaring success are met with continued challenges for the crypto market.
Regulators and states worldwide have begun to stir following the coin’s rapid acceleration to values of over $60,000 earlier this year, as Bitcoin miners and crypto traders across the globe are now seeing tougher action from China and Europe – who just this week laid out plans to ban anonymous cryptocurrency transactions in the wake of the Chinese government’s clampdown on huge mining networks in the region.
But while Monday’s second dip below the $30,000 price threshold in value showed the crypto market continuing to be shaken by the resurgence of regulatory action and fears around spiking coronavirus cases, many Bitcoin investors still cite the coin’s monumental growth as a sign of positive things to come for the currency.
Hopes for a rebound in Bitcoin value this week seem to have already taken hold following the recent dip and the potential shake-out of more fearful, new investors in the cryptocurrency.
This came as The B Word – a conference mulling over the prospects and future of Bitcoin – kicked off yesterday afternoon (July 21) with an eagerly awaited discussion between Jack Dorsey, Elon Musk and Cathie Wood taking centre stage in the day’s events.
Here’s what you need to know about The B Word and why the price of Bitcoin rose during one of its panel discussions featuring Big Tech billionaires Dorsey and Musk.
What is The B Word?
Hosted by the Crypto Council for Innovation (CCI) and fellow partners, the event held on Wednesday was penned as “[helping] to demystify and destigmatize narratives about Bitcoin, explain how institutions can embrace it, and raise awareness around areas of the network that need support” and saw the launch of an organisation hoping to encourage institutional acceptance of Bitcoin.
The conference presented a variety of speakers covering topics like ‘Demystifying Bitcoin’ and how the currency could be used to empower economic populations worldwide, as a joint venture launched by the CCI, Art Invest, payment company Square, Inc and crypto-investment firm Paradigm.
Founder, CEO and CIO of ARK Invest, Cathie Wood, said: “We are proud to co-host the launch of ‘The ₿ Word.
“As the next wave of adopters embrace Bitcoin, we believe stakeholders must play an active role in supporting and sustaining the network."
Wood’s words were echoed by Twitter and Square, Inc CEO and founder, Jack Dorsey, who commented: "As companies and institutions like us are getting into Bitcoin, we all need to better understand how to put the community first and how we may help it thrive, even when it appears to be against our own interests.
“Doing so will benefit all over the long-term."
The two went on to join SpaceX chief engineer, Tesla founder and controversial tech guru Elon Musk in a discussion on ‘Bitcoin As A Tool For Economic Empowerment’ – with crypto fans tuning in to see whether Musk, a self-professed Dogecoin lover, would decide to throw the underdog cryptocurrency a bone during his appearance at the Bitcoin conference.
What did Musk say about Bitcoin, Tesla and Dogecoin at The B Word?
The price of Bitcoin, Dogecoin and other cryptocurrencies had already been steadily rising before the panel discussion featuring Musk and Dorsey kicked off at 7pm GMT – with Bitcoin rallying to over $30,000 following its plummet below the threshold earlier this week.
In May, Musk delivered the shock announcement that his landmark electric car company Tesla would be suspending Bitcoin payments over concerns surrounding the coin’s dramatic environmental impact.
But in his appearance at The B Word on Wednesday, Musk put growing concerns over the coin’s future with booming company Tesla to rest.
"It is most likely it is the answer that Tesla will resume accepting Bitcoin,” the founder said when asked about the news.
"I do think that there appears to be a positive trend in the energy usage of Bitcoin, I actually think part of this is due to the drop in Bitcoin price,” Musk added.
"I want to do a little bit more due diligence to conclude and confirm that signs of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number.
“If so then Tesla will resume accepting Bitcoin.”
The remarks helped Bitcoin to climb to a more stable figure, with the coin reaching a 24 hour high of $32,815.74 as of 5pm on Thursday, fluctuating at around $32,012.06 today (July 21) according to CoinDesk.
Musk also praised Dogecoin and its community, helping the memecoin to rebound to values of up to $0.214442 following its recent slump, and his mentions of Ethereum likewise saw the coin spike about $2,000 once more.