Bitcoin (BTC) reacted positively to the meeting of Elon Musk, CEO of Tesla, and Jack Dorsey, CEO of Twitter, to discuss the volatility of the cryptocurrency market, on Wednesday (21) at The B Word conference. During the chat, the appreciation of the digital currency reached 10%.
Along with Cathie Wood of Ark Invest, the two executives answered a series of questions about cryptocurrencies, including controversial points associated with Bitcoin, including its extreme volatility, energy-intensive use such as dependence on fossil fuels and energy. sustainable.
According to event organizers, the B Word conference was held to “demystify”, “de-stigmatize” and “correct the dominant narrative” around Bitcoin and promote its institutional acceptance and use.
The B Word conference was held in order to “demystify”, “de-stigmatize” and “correct the dominant narrative” around Bitcoin, according to event organizers. The conference brought together a number of leading figures in the Bitcoin community, who spoke about the various aspects of the cryptocurrency.
One of the main goals of the conference was to dispel some of the myths surrounding Bitcoin, and to provide accurate information about the cryptocurrency. Another goal was to promote Bitcoin adoption by businesses and individuals.
Overall, the B Word conference was a success in terms of raising awareness about Bitcoin and its potential. It is clear that there is still a lot of work to be done in terms of education and outreach, but this event was a step in the right direction.
Musk, Wood and Dorsey were all highly positive about Bitcoin and its future potential. They believe that Bitcoin has the ability to completely transform the financial system, and that it could one day become the global reserve currency.
Musk went so far as to say that he believes Bitcoin is “quite likely” the future of money.
While Musk, Wood and Dorsey were extremely bullish on Bitcoin, they did caution that the cryptocurrency still has a long way to go before it becomes mainstream. They noted that volatility is still a major issue, and that adoption needs to continue to grow in order for Bitcoin to reach its full potential.
Recovery from the level of US$ 30,000
While Musk, Wood and Dorsey defended the cryptocurrency market and commented on its future potential, Bitcoin regained its $30,000 key support level and traded at $32,415.
The $30,000 level is seen as an indicator of the success or failure of digital currency by many technical analysts. However, a momentary price below this level may represent a false collapse, which precedes a new appreciation of the asset.
Despite the cautionary tone from some of the speakers, the overall message from the B Word conference was positive. Bitcoin is a technology that has the potential to change the world, and its proponents are working hard to make that a reality.
Farilead Strategies analyst Katie Stockton assesses that if the BTC can hit resistance near its 50-day moving average at $35,000, it will likely drive the quote to $44,000, the moving average of the last 200 days.
In any case, sustaining the $30,000 support level is critical to avoiding a “bull run” by investors looking to contain Bitcoin’s significant losses since the currency peaked at $65,000 in April.