Bitcoin is an economic empowerment tool

“Nothing is off limits”, was the phrase quoted during the presentation “Bitcoin as a tool for economic empowerment” at the online event “The B Word” this Wednesday.

“The B Word” was held yesterday with the participation of the largest and most prominent figures in the world of cryptocurrencies. jack dorseyCEO of Square and Twitter, Cathi Woodfounder and CEO of ARK Invest and Elon Muskowner and CEO of Tesla and SpaceX were in charge of the panel “Bitcoin as a tool for economic empowerment”which focused on denying several of the myths and misconceptions that exist regarding this cryptocurrency.

During the event, the experts explained about the potential of Bitcoin as a tool for autonomy and empowerment and invited businesses and companies to educate themselves about it, to adopt it consciously and ensure its development and innovation in the future.

The goal of The B Word is to destigmatize the dominant misconceptions that exist about bitcoin and to unify society around the benefits and use of this cryptocurrency, in order to minimize the conflicting opinions between fans and pro-crypto and skeptics.

One of the participations that attracted the most attention during this online event was that of Elon Musk. The businessman revealed that his company SpaceX has investments in bitcoin. For their part, Dorsey and Wood focused more on talking about bitcoin as an innovative tool for freedom, capable of transforming everything in its path, and not just financial systems.

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SpaceX has investments in Bitcoin

Elon Musk, the entrepreneur CEO of SpaceX and Tesla, made a new move in the crypto ecosystem when he revealed that his aerospace company SpaceX has investments in Bitcoin, while Tesla evaluates the possibility of accepting payments in BTC again. The electric car company is likely to resume bitcoin payments once it proves the cryptocurrency uses more than 50% renewable energy for its operations, Musk said last month.

During his participation in the digital event “The B Word”, Musk spoke more favorably about Bitcoin (BTC), compared to their statements in recent months. The businessman pointed out that his companies, both the electric car manufacturer Tesla and his aerospace company SpaceX, have significant investments in bitcoin, just like him on a personal level.

Musk claimed that “SpaceX owns Bitcoin”like Tesla and him, and although he did not give details about the amounts invested in the market’s leading cryptocurrency, he did state that they are significantly higher than the investments made in other cryptocurrencies in the industry.

In addition to investing part of his individual capital in bitcoins, Elon Musk also has investments in other cryptocurrencies such as Ethereum (ETH) and Dogecoin (DOGE). The price of ether rose almost 2% after making these statements.

Musk and volatility

The new movement of Elon Musk this time did not play in favor of the price of Bitcoin in the markets. In other times, such a comment by the businessman with more than 58.4 million followers on Twitter would have caused a reaction in the social network and in the price of the cryptocurrency.

It should be remembered that in recent months Musk has maintained a personality just as volatile as the crypto market, supporting and attacking bitcoin and its consensus protocol. Proof of Work (pow) on several occasions. Due to his behavior, Musk has received a lot of criticism from the community, which has even accused him of being a “hypocrite and manipulator.” The first attack on Bitcoin happened when he reported that Tesla would stop accepting bitcoin payments within months of including it in its systems, citing environmental concerns. On the other hand, SpaceX has been more dedicated to promoting Dogecoin with the goal of literally taking it to the Moon.

At press time, the price of BTC has recovered by 7% since its drop to $29,000 yesterday, trading at $31,950. Analysts indicate that this recovery may be a “dead cat bounce” market reaction, which is explained as a brief bounce before a new fall.

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