"B word” event brings together bitcoin proponents

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

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.

Get market news worthy of your time with Axios Markets. Subscribe for free.

  • 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.

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting