B-Word July Conference: End of Bearish Market In Sight?
The crypto market has been unstable for the past two months, such that an early bull run seems unlikely. Perhaps a bull run may be on the horizon depending on the outcome of the B-word conference scheduled to hold on the 21st. The event will feature stakeholders in the industry. Moreover, the highlight of the conference will be the talk between Tesla CEO, Elon Musk and Twitter founder, Jack Dorsey.
Elon Musk had agreed to hold the ‘Talk’ with Jack after the latter had tweeted in support of the conference last month. Following Musk’s response to the tweet, Jack encouraged the Tesla billionaire to join him at the event. Although Elon Musk is not featured as a speaker for the event, market observers have speculated that the outcome of the talk between both billionaires may have an effect on the market.
Elon Musk’s Influence Divided, Jack Still Pro-Bitcoin
Elon has been a driving force in the crypto market
since the start of 2021. His influence on the market began with Bitcoin, after he announced that Tesla had purchased about $1.5 billion BTC. In the months that followed, Elon exerted a powerful influence that his tweets alone either caused a spike or dip on the prices of crypto assets. His influence was celebrated until he announced that Tesla would no longer accept Bitcoin payments for its electric vehicles. At that point, he became a villain.
In February, Elon had picked interest in popular meme-based token Dogecoin, promoting it at every opportunity he gets. Without doubt, the billionaire contributed to the growth of the meme token, as it climbed the ranks and positioned itself among the top 20 cryptocurrencies by market capitalization. Dogecoin traded at $0.004 in February until Elon’s stunts made it attain an ATH of $0.731 during the bull run at the start of May.
Meanwhile, Jack Dorsey has been pro-Bitcoin for a long time. In comparison, Jack has not exerted much influence on the market. Notwithstanding, he has shown his support at every instance and is reported to own a large stack of Bitcoin. Interestingly, the Square founder is making active attempts in launching a Bitcoin hardware wallet to encourage a widespread adoption of the top crypto asset in the mainstream sector. Jack once tweeted in support of Bitcoin;
“#Bitcoin changes *everything*…for the better.
And we will forever work to make bitcoin better.”
-jack (@jack) May 14, 2021
Bitcoin Mining Challenges to Constitute Talking Points at Conference
Details of the B-word conference show that conversations will be woven around improving the Bitcoin network and addressing challenges surrounding the flagship cryptocurrency. In the same vein, Jack and Elon’s talk will border on mining issues including environmental concerns that formed the backdrop of Tesla’s Bitcoin payments discontinuance. Major issues surrounding Bitcoin mining have been centered on carbon pollution. It is also the reason for China’s mining ban.
Fortunately, the Bitcoin Mining Council recently revealed that green BTC mining was around 56% now, with nuclear energy, hydroelectricity constituting power sources for mining operations in some regions. Hopefully, this would be one of the major talking points at between Elon and Jack.
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