The B Word Conference: Will Elon Impact The Market Once Again?

Yesterday, the “B Word” conference took place. The guests at the conference were:

  • Cathie Wood, CEO of Ark Invest
  • Jack Dorsey, CEO of Twitter
  • Elon Musk, CEO of Tesla & Founder of SpaceX

Many people were afraid of Elon Musk. “Will he shill DOGE?”, or “Is he going to dump the prices once again?” many crypto holders wondered. But the opposite was the case! Elon Musk showed up wearing a bitcoin t-shirt and stated the following:

“I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling (…) I would like to see bitcoin succeed.”

Elon Musk

Of course, this was music to the ears of many bitcoin holders. He confirmed that he still likes bitcoin. Then Elon claimed that the only “three meaningful assets” he owns, besides Tesla stocks, are BTC, ETH, and DOGE. Still, he owns “much more bitcoin than ether or doge.”

Other takeaways from Elon’s statements are:

But also Ark Invest founder Cathie Wood shared some interesting thoughts. According to her, bitcoin could play a huge role in ESG. ESG is short for environmental, social, and governance. And bitcoin could be the best form of money from an ESG perspective, Wood said.

“Money has powerful network effect qualities.” 

Cathie Wood

She also gave some exciting insights from an institutional perspective. And Twitter CEO Jack Dorsey claimed that bitcoin could create world peace. 

After all the Elon FUD in the past couple of weeks, these statements bring more certainty to the market. Because Elon publicly clarified that SpaceX owns bitcoin and that he wants bitcoin to succeed! Indeed, Elon acted unpredictably on Twitter all the time. And potentially, this could happen again. Still, after all the rumors about Tesla dumping their BTC bags, this feels like a pure release to the bitcoin community.

SpaceX owns bitcoin, Cathie Wood gave interesting insights from the institutional side of crypto. This confirmed the assumption of many people that institutions have an appetite for digital assets and bought the dip during the recent pullback.

But also Ethereum and DeFi are gaining more attention right now. Shortly after Elon said that he owns ETH, Ashton Kutcher published a video on Instagram and Twitter. In the video, Vitalik Buterin occurs out of nowhere explaining Ethereum.

Twitter

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So, will we see prices pumping soon? Time will tell. But the market definitely got some certainty. Secondly, Elon and Cathie kind of confirmed that institutions have an appetite for digital assets.

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