Elon Musk and Jack Dorsey to Discuss Bitcoin-related Joint Efforts on July 21 Event

According to CNBC, Elon Musk and Jack Dorsey, CEO of Twitter (TWTR) and Square (SQ), have agreed to discuss Bitcoin with each other at an event, which name and date were set during their Twitter exchange. They decided to call the event “The B Word” and scheduled to conduct it on July 21. These comments helped Bitcoin solidify its position towards $35K – well above the $30K level that many call crucial for the cryptocurrency.

Geopolitical drama around cryptos over the past couple of weeks prompted many crowd investors to stay by sidelines and watch further developments. In reality, we saw intensification of China’s crackdown on illegal miners in that country and several prominent banking analysts saying that “Bitcoin is almost done”, on one hand, and Paraguay (and, lately, reportedly Tanzania) following footsteps of El Salvador in making Bitcoin sovereign legal tender, along with Shenzhen-based Bitcoin miner BIT Mining (BTCM) saying it is transferring its facilities to Kazakhstan – on the other hand.

If one cares to follow every single bit of news under #Bitcoin and #Crypto, it’s easy to figure out that positive and negative ones are nearly equally split. So this is a classic half-empty or half-full glass of water approach.

Unlike missing a company’s operations targets, whereby shareholders demand greater dedication from management in future periods, for companies reliant on cryptos there is not much to improve apart from checking the market health and agreeing on joining efforts. Since this market is largely driven by attitudes and opinions rather than fundamentals, it comes natural that big players get together to tackle resolving this Gordian knot.

Jack Dorsey wrote in his Twitter: “The #bitcoin development community above all else.

As more companies and institutions get into the mix, we all want to help protect and spread what makes #bitcoin open development so perfect. This day is focused on education and actions to do just that.”

"Bicurious?" the Tesla CEO said, seemingly referring to the "B" word in question. In response, Twitter's Dorsey said: "Bizarre! Let's you and I have a conversation at the event. You can share all your curiosities..."

Musk agreed. "For the Bitcurious? Very well then, let's do it," he said, to which Dorsey later replied: "Done! Will set up."

The event is scheduled to take place July 21, according to its website, "offering a live experience and a library of content to the investor community, enabling a more informed discussion about the role Bitcoin can serve for institutions across the globe."

Earlier last week, Bitcoin tested its minimum ​​since January 2021. The coin briefly fell below $ 30,000, but on Tuesday, June 22, positive sentiment suddenly returned to the market, and BTC bounced back.

The month of June, just like May, turned out to be a very difficult month for the crypto market. Due to the massive capital outflow from Bitcoin and other digital currencies in the wake of China's legal austerity, network activity fell to its lowest levels compared to the beginning of spring. Transactional activity peaked in March and April. According to various sources, the number of active addresses on the BTC blockchain dropped by 26% to 787,000.

Today, bitcoin is holding around $34,630, the capitalization of the largest digital currency has grown to $ 643.50 billion. The tug of war is continuing.