Jul 21, 2021 - Economy & Business

Three bitcoin bulls in a (virtual) room

A screenshot from a 4-way zoom call

From top left, clockwise: Steve Lee, lead for Square Crypto, moderates a live conversation with Cathie Wood, Jack Dorsey and Elon Musk. Credit: The B Word

For a little over an hour on Wednesday, ARK Invest CEO and CIO Cathie Wood, Twitter and Square CEO Jack Dorsey, and Tesla and SpaceX CEO Elon Musk laid out their main hopes for decentralized cryptocurrencies: world peace and improving individual lives.

Why it matters: Global scrutiny toward cryptocurrency exchanges and mining has grown. Proponents are trying to draw strength in numbers.

  • The price of bitcoin has fallen by more than 50% since April, dropping below $30,000 on Monday. It rose today.

What they’re saying: "My hope for crypto, in general, is that it can improve [the] core efficiency of money [to have] less error, any government interference or fraud," Musk said during the talk.

  • “My hope is that [bitcoin] helps create world peace," Dorsey said.

Be smart: All three participants are vocal about their views toward cryptocurrency on Twitter and what they say can move prices.

  • Coming together now with the backing of their respective companies shows a new level of public lobbying that some view as an attempt to rescue bitcoin.
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