A heated confrontation between the founder of Twitter and Musk .. Does this remove the mystery about Bitcoin?

Bitcoin and cryptocurrency prices have fluctuated wildly over the past two days, with bitcoin falling below $ 30,000 before rebounding higher.

The extreme price volatility of Bitcoin has overtaken the memes-based Dodge Coin, which has climbed into the top ten cryptocurrencies by value this year.

As cryptocurrency traders battle Bitcoin and Dodge Coin volatility, investors prepare for a closely watched live chat between Tesla Chairman Elon Musk and Twitter CEO Jack Dorsey, who is expected to be airs at 2 p.m. ET (6 p.m. ET). Greenwich) at The ₿ Word event.

The ₿ Word was announced last month, a Bitcoin-focused online event that organizers say aims to “debunk dominant Bitcoin narratives” and educate businesses and organizations about cryptocurrency, Forbes reports.

Twitter CEO Jack Dorsey

Musk has repeatedly attacked the so-called bitcoin maxis – which oppose all cryptocurrencies other than bitcoin – in recent months, calling on developers to suggest ideas for upgrading dogecoin and pledging to themselves. saying “doge” to end up “beating bitcoin”.

Dodge Coin’s price has risen several thousand percent since the start of 2021, as investors poured money into memecoin following restrictions on trading in Gamestop shares in January. Dodge Coin traded for fractions of a dime for years before surging to a record high of $ 0.73 in April, thanks to support from Elon Musk.

Rise before you collapse

The rise in the price of Bitcoin in 2021, which saw the famous cryptocurrency climb to around $ 65,000 before the crash, was largely due to expectations that Tesla’s bet on Bitcoin when he bought the equivalent. of $ 1.5 billion in cryptocurrency, would lead to increased investment by businesses and institutions in it. .

The Bitcoin crash in April, which wiped out over $ 1 trillion in the combined market value of cryptocurrencies, was caused in part by Musk’s surprise announcement that Tesla would forgo accepting Bitcoin as a payment method. for his cars.

In a statement, Musk noted the significant energy needs of bitcoin mining operations, promising he would restore bitcoin through Tesla if the crypto network increased its use of renewable energy.

After China kicked out bitcoin and cryptocurrency miners – who use powerful computers to secure blockchain networks and create new units of cryptocurrency – in recent months, some have argued that the mix bitcoin’s renewable energy had passed Musk’s threshold.

However, Musk’s volatile attitude towards Bitcoin on Twitter has led many of the coin’s most staunch supporters to blame him.