The highly anticipated, much-hyped “The B Word” event has made a bullish case for crypto assets. Elon Musk’s favorable comments on Bitcoin on the panel discussion alongside Twitter CEO Jack Dorsey and Ark Investment’s Cathie Wood have helped the prominent crypto’s pump.
The Tesla CEO revealed that his space exploration company Space X also owns Bitcoin along with Tesla. He did not disclose how much Bitcoin is on SpaceX’s books, however.
Additionally, Musk disclosed that he personally owns Bitcoin, Ethereum, and Dogecoin of course.
“I would like to see Bitcoin succeed,” Musk said. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”
Following Musk’s statement, Bitcoin Price shot up 7% to $32,200, Ether rose up to $1980.8 and Dogecoin shot up 9% to $0.18. Other top coins like XRP, Cardano, Uniswap also jumped in the range of 6-10% over the last 24 hours. All the tokens were having a mostly sideways price action before the event.
Now, Bitcoin has retraced back to 32,090, Ethereum is on an uptrend trading at $1991, Dogecoin has also continued to surge, trading at $$0.193.
Musk also stated that he owns way more Bitcoin than ETH and DOGE, and wouldn’t sell his holdings, nor Tesla and SpaceX will.
Twitter CEO Jack Dorsey on the panel spoke about Bitcoin’s disruptive potential to become the internet’s native money. Cryptocurrencies would also help small and large businesses to function more effectively he added.
He used Twitter as an example arguing that his micro-blogging site “would not have the advertising business model dependency we have today if Bitcoin existed pre-Twitter.”
Further on being asked by Elon Musk “What about letting Twitter advertisers pay in crypto?”
Dorsey conservatively said, “any form of payment that they want to use, we should be able to take,”
He also stated that they are concentrating their efforts on how to establish economic incentives within Twitter’s network without depending on advertising.
Elon Musk further emphasized saying, “accepting Bitcoin and maybe some other cryptos for advertising payments on Twitter would be supportive” and asked whether Twitter would do it.
Jack Dorsey however, did not give an affirmative reaction to that.
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