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The B-Word: Conference Recap

CryptocurrencyJul 24, 2021 05:00AM ET
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The B-Word: Conference Recap

  • Jack Dorsey, Elon Musk, and Cathie Wood participated in the B-Word conference organized by the Crypto Council Of Innovation.
  • Elon Musk recovered his crypto community image after admitting he owns bitcoin and Ethereum.
  • Regulatory, governance and security concerns were discussed during the conference.

Initiated by the Crypto Council of Innovation, The B Word Conference aimed to debunk myths and provide insights about Bitcoin to institutions. The conference was hosted digitally on Wednesday and included Bitcoin evangelists such as Nic Carter and tech moguls like Elon Musk and Jack Dorsey.

The presence of Elon Musk, among others, foreshadowed the primary goal of the conference of debunking Bitcoin narratives. The discussions covered more than a dozen panelists, each focusing on a critical Bitcoin issue or achievement.

Elon Musk at the Center of Attention

Elon Musk debunked some myths about his crypto behavior and perceptions. While the main topic of discussion was Bitcoin, he still highlighted he likes Dogecoin because the currency is a dog and meme which doesn’t take itself too seriously.

He also revealed that he owns bitcoin and “a bit of Ethereum and Dogecoin,” however, he stressed that he is not an investor and is not keen on pumping prices and selling. On the topic of Bitcoin, Elon Musk claimed that both Tesla (NASDAQ:TSLA) and SpaceX own bitcoin, and if there is proof that renewable usage in mining is 50%, then “Tesla will resume accepting bitcoin.”

No Face off in Sight

Jack Dorsey and Elon Musk both had a friendly rapport when discussing Bitcoin. Twitter’s CEO said that Bitcoin reminds him of the early internet, and the currency can be the internet’s early currency because it is resilient and not controlled by central governments.

Elon Musk reiterated Jack’s claim, highlighting that Bitcoin shows resilience because it is not a tool used by governments to enforce violence. He claimed that Bitcoin could “improve the quality of information with which we conduct the economy.”

On The Flipside

  • The panel discussion did not “demystify mainstream narratives” about Bitcoin.
  • Panelists like Jack Dorsey or Elon Musk failed to put beyond doubt why Bitcoin is the revolutionary monetary system.
  • Media attention amplified Elon Musk and his opinion, thus diverting the focus of the conference.
  • The main emphasis of the conference was heavily placed on the U.S, despite the conference being digital.

The Debunking Prologue

The prologue of the conference emphasized the existing fallacies of perception around Bitcoin and its precedents. Next, Nic Carter, Phillip Gradwell, Arjun Balaji, and Lyn Alden debunked energy consumption, scalability, criminal activity, and displaceability.

Each of the briefly covered topics have been the center of media attention as market sentiment rapidly degraded due to socioeconomic factors. The panelists asserted that misconceptions are Bitcoin interpretations using existing data to make arguable statements, emphasizing the benefits of Bitcoin in relation to the negative attitudes towards Bitcoin.

The SEC and U.S. Regulatory Framework

SEC Commissioner, Hester Peirce, discussed the “harsh” stance of regulatory input with Bitcoin investor Anthony Pomelino. In short, she stated that U.S. regulators are “forcing you to follow a set of rules that are stricter than others.” However, in a separate discussion, Mike Mosier, highlighted that regulators are not emphasizing the role money laundering plays in Bitcoin enough.

Hester Pierce, also called “crypto mom,” noted that ETF’s should be offered to U.S retail investors, noting that Canada has already progressed substantially in offering retail a more convenient, and safer way of investing in cryptocurrency ETFs. Her claim comes from the SEC’s regular rejection of Bitcoin ETF requests during the initial crypto boom of 2017 and 2018.

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The B-Word: Conference Recap
 

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