Bitcoin And Dogecoin Are Braced For An Elon Musk Bombshell After Extreme $100 Billion Crypto Price Swings
Bitcoin and cryptocurrency prices have swung wildly over the last couple of days, with bitcoin dipping under $30,000 before bouncing back.
Extreme bitcoin price swings have been outmatched by the meme-based dogecoin, Elon Musk's pet project that's rocketed into the cryptocurrency top ten by value this year (subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
As cryptocurrency traders are whiplashed by bitcoin and dogecoin volatility, investors are braced for a closely-watched live discussion between Musk and Twitter chief executive Jack Dorsey, set for 2pm ETD—with The ₿ Word event organizers promising "nothing is off limits."
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Announced last month, The ₿ Word is a bitcoin-focused online event that says it aims to "demystify and destigmatize mainstream narratives about bitcoin" and expand bitcoin awareness among companies and institutions.
After Musk, who has alienated much of the bitcoin community with this irreverant attitude toward crypto since ploughing $1.5 billion into bitcoin earlier this year, initially trashed the event on Twitter before agreeing to attend.
Musk has repeatedly attacked so-called bitcoin maxis—who argue against all cryptocurrencies other than bitcoin—in recent months, calling for developers to suggest dogecoin upgrade ideas and promising the doge memecoin will eventually "beat bitcoin hands down."
Musk responded to a news story reporting his expected attendance at the event this week in his signature, offhand manner.
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"During this talk, we will sing a cover of The Final Countdown by Europe," said the Tesla billionaire, who was voted dogecoin's CEO in a 2019 tongue-in-cheek Twitter poll, before offering to lend Dorsey a wig.
The event was organized by the Crypto Council for Innovation, Cathie Wood's investment management company Ark Invest, Dorsey's payments company Square and crypto-focused venture fund Paradigm and is aiming to convince companies and institutions to invest in bitcoin, following in the footsteps of Tesla and business intelligence software company-turned bitcoin accumulator Microstrategy.
Alongside Musk and Dorsey, speakers at the event include SEC commissioner Hester Peirce, crypto venture capitalist and outspoken defender of bitcoin's carbon footprint Nic Carter, and Neha Narula of MIT's Digital Currency Initiative.