The Aftermath | Jack Dorsey and Elon’s Crypto Talk

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Elon Musk, CEO of Tesla, and Jack Dorsey, CEO of Twitter, talked extensively on Wednesday about the future of Bitcoin token, praising the cryptocurrency’s potential to transform more than just monetary systems. Naturally, Musk mentioned his special fondness for DogeCoin crypto.

Cathie Wood, the creator, joined two technology CEOs and the CEO of Ark Invest for a virtual conversation titled Bitcoin as a Tool of Economic Empowerment during The B Word event.

As mentioned, both the CEOs have shown their interest and support for cryptocurrencies in the past. Jack Dorsey has long been a proponent of Bitcoin, and he has his reasons. On the other side, Musk had a ‘love-hate’ connection with Bitcoin (BTC), as teenagers refer to it. He initially advocated for a few projects, such as enabling Tesla to take Bitcoin as a form of payment, but later changed his views and canceled the same. This created a frenzy in the market, and it seemed as if the ‘bubble’ had burst, but bulls and HODLers maintained control and ensured that cryptos retained their esteem to an extent.

Musk, however, made a few interesting revelations.  The first one was that SpaceX also owns Bitcoin, demonstrating his confidence in the digital currency.

His second bombshell may have a greater effect. Tesla is “most likely” to reintroduce Bitcoin payment acceptance.  The automaker ceased taking Bitcoin payments many months ago and cited the astronomical energy expenses involved with cryptocurrency mining as a reason behind this. As anticipated, this resulted in a dramatic decline in Bitcoin values from $64,000.

On that topic, the price of Bitcoin surpassed USD 30,000 after Musk’s announcement that Tesla will resume taking Bitcoin at some point. 

Jack Dorsey also had a few words to say about his enthusiasm for bitcoin.

Dorsey believes Bitcoin has the potential to become the Internet’s native currency due to the principles around which it is founded and the resiliency it has. He also lauded the Bitcoin community’s view of cryptocurrencies as a means of assisting the unbanked and underprivileged populations. He compared it to the ‘early days of the internet.’ He also believes that the network and community are significant elements in attracting people to this currency, and he expresses optimism that Bitcoin would bring about ‘global peace.’

Bitcoin Price analysis

Bitcoin was already climbing the day before the summit, owing to many rumors regarding the discussion. Bitcoin began a steady climb on June 21st, breaking over the 50-day moving average. Following a few encouraging comments from Musk, such as Tesla and SpaceX holding Bitcoin, the market has shown some impact. Bitcoin gained momentum, surging over $32,000 after a brief dip below $30,000 earlier this week.

Despite some swings, the price remained stable and ended up being positive overall. After twenty-odd days, Bitcoin had a golden crossover, with the 50-day moving average crossing above the 200-day moving average, signaling a positive market sentiment.

Ethereum Price analysis

While the summit was centered on Bitcoin, significant moves happened in other assets as well. The graph pinpoints the precise moment in the speech at which the price action occurred; when Musk revealed his ownership of Ethereum (ETH), the price surged over the $2,000 mark. Coincidentally, ETH, like Bitcoin, witnessed a golden crossing of its 50-day and 200-day moving averages around the same time, and it maintained its bullish sentiment.

Dogecoin Price analysis

Dogecoin crypto has entered the bandwagon after Musk’s remark to his ownership of the meme-based cryptocurrency. Musk expressed high regard for the currency, predicting that it will eventually rival Bitcoin.

DOGE’s Price had been unable to remain above the 50 MA for almost six weeks, but it broke above this moving average immediately after the speech, and even crossed above the 200-day moving average.

While we cannot make an investment decision only based on moving average crossovers, we may get a fair comparison of prices over a certain time. This information will assist us in determining if the market is doing better than in the previous past. As a result, we can conclude that the discussion positively affected the market as three of the most popular cryptos saw bullish trends.

You can instantly buy all of your favorite cryptocurrencies from our list of reliable crypto exchanges. Do consider checking them out. All the best! 

Investment Disclaimer

This article is purely for educational purposes, and this doesn’t include any investment advice. Readers are requested to do their research before they consider investing.

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