BTC up 10% on Elon Musk, Jack Dorsey and Cathie Wood crypto comments

22 Jul 2021

Bitcoin rose up to 10% on Wednesday as Tesla boss Elon Musk, Twitter founder Jack Dorsey and Ark Invest's Cathie Wood talked about crypto at The B Word Conference.

They answered numerous questions relating to cryptocurrencies and also tackled several issues surrounding Bitcoin such as its energy usage and extreme volatility.

The 10% surge helped the world’s largest cryptocurrency regain a key technical support level at $30,000, says a Markets Insider report.

Bitcoin reached a high of $32,820 on Wednesday afternoon, exceeding its Tuesday low of $29,308. At the time of writing, Bitcoin is trading at $31,822.

Musk said at the conference: “I would like to see Bitcoin succeed. If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”

The Tesla CEO added that the company would likely return to accepting Bitcoin as a means of payment once mining becomes more environmentally friendly: “It looks like Bitcoin is shifting more toward renewables. I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%.”

In addition, Jack Dorsey indicated Twitter will soon permit advertisers to pay for advertising on the platform using crypto.

Whilst Wood referred to Bitcoin’s potential in the ‘social’ bracket “by providing financially underserved people with access to payment technology... everywhere around the world without friction,” and the ‘governance’ bracket by offering transparency “unlike the opaqueness of financial systems and the toll-takers in the traditional financial world.”

deVere CEO Nigel Green stated: “All of this will help drive Bitcoin prices higher and this will have a knock-on effect to the wider crypto market.

“Delivered in a measured and balanced way, the message from mega-influencers Elon Musk, Jack Dorsey and Cathie Wood was clear: crypto is the inevitable future.”