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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.

Go deeper

Dan Primack, author of Pro Rata
Jul 21, 2021 - Economy & Business

FTX raises largest-ever VC round for a crypto company

Illustration: Shoshana Gordon/Axios

FTX, a Hong Kong-based cryptocurrency exchange that launched in 2019, raised $900 million in Series B funding at an $18 billion valuation.

Why it matters: It's the largest-ever VC round for a crypto company, let alone for an exchange that prohibits Americans from trading on its primary marketplace.

Jul 20, 2021 - Podcasts

Crypto's climate conflict

Bitcoin is not environmentally friendly, due to the heavy energy demands of its mining and transaction activities.

Axios Re:Cap digs into this conflict between climate and cryptocurrencies with Axios energy reporter Ben Gemen and crypto investor Anthony Pompliano, to better understand the problem and what might be done to resolve it.

Jul 21, 2021 - Technology

22-year-old arrested in connection with hack of prominent Twitter accounts

Illustration: Aïda Amer/Axios

A 22-year-old United Kingdom citizen was arrested Wednesday for multiple charges in connection with the July 2020 Twitter hack that took over 130 Twitter accounts, including those belonging to Joe Biden, Barack Obama and Elon Musk.

Driving the news: Joseph O’Connor was arrested in Spain on three counts of conspiracy to intentionally access a computer without authorization; two counts of obtaining information from a protecting computer; two counts of cyber stalking; and one count of conspiracy to access a computer with the intent to extort from a person a thing of value, among other charges.