Movers and SHAKERS
High Profile Bitcoin Event Could Put Cryptos Back on Track
Concerns facing Bitcoin and other cryptocurrencies continue to mount. Yesterday the New Jersey’s Bureau of Securities issued a cease and desist order against the company BlockFi for paying interest on crypto balances. China has made reduced transactions within its borders by recently banning financial institutions from dealing in cryptocurrencies. The country has also forced Bitcoin miners to suspend operations. Britain's financial regulator recently said one of the world's largest cryptocurrency exchanges, cannot conduct any unregulated activity and issued a warning to consumers about the platform. Elsewhere, although the stated reasons differ, the trend is to slow the adoption of cryptocurrencies by the public. Environmental issues became the topic of conversation in May as Tesla halted purchases of their products using Bitcoin. They cited concerns over the use of fossil fuels for mining and transactions. Michael Burry who is renowned for spotting trends to short, has also publicly gone cold on Bitcoin.
The A-Team at the B-Word Conference
Elon Musk, Jack Dorsey, Cathie Wood, along with many top names in the crypto sphere, will take part today in an event that discusses embracing Bitcoin. The free event called The B-Word – How Institutions Can Embrace Bitcoin aims to “demystify and destigmatize mainstream narratives about Bitcoin.” It will feature pre-recorded discussions and a live discussion that includes Musk, Dorsey, and Ark.
This high-profile “ride to the rescue” could create a re-awareness of Bitcoin and crypto utility and create lift for the assets class that, in many cases, have lost half their value from earlier this year.
As a courtesy, we have provided a link for those who wish to learn more about what could be a market-moving event, The B-Word Conference.
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