MW Elon Musk, Jack Dorsey plan bitcoin chat at July event and Ark Invest's Cathie Wood thinks it's 'brilliant'
By Mark DeCambre
Call it the hallowed trinity of tech.
Bitcoin bulls Jack Dorsey, Twitter's CEO (TWTR), and Elon Musk, Tesla's CEO $(TSLA)$ agreed over Twitter on Friday to discuss the outlook of the world's No. 1 crypto at a coming event next month and ARK Invest's Cathie Wood declared the idea "brilliant."
The exchange focuses on a conference called "The B Word ," which is described as an educational initiative to spread adoption and promote awareness of bitcoin and crypto.
On Friday, Musk responded to a tweet from Dorsey promoting the online event and the two billionaires, who have sometimes endorsed conflicting views on the future of bitcoin and bitcoin mining, agreed to a get-together, although it is unclear if they intend to do so in-person or virtually.
The online B Word event kicks of July 21 and is co-sponsored by ARK Invest, where Wood is CEO and chief investment officer.
It isn't clear if Wood is eager to participate in talks with Dorsey and Musk or just happy to see the tech moguls planning a heart-to-heart, but as a manager of exchange traded funds that specialize in investing in "disruptive innovation" she is a big supporter of new technology assets and the companies that the two CEOs are linked to.
Dorsey runs payment platform Square $(SQ)$ and social-media platform Twitter Inc. (TWTR) and Musk also runs SpaceX, in addition to his electric-vehicle manufacturing duties. All three are backers of the future of payments and digital assets like bitcoin.
Reports on the discussions didn't do much to bitcoin prices, however.
Bitcoin prices were down nearly 4% on Friday, changing hands at $32,713.41 on CoinDesk, with the broader crypto complex also under pressure, with the exception of dogecoin , which was up 6% on the session.
Traditional markets, however, were headed higher, with the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index all headed for sharp weekly gains.
For her part, Wood has been fighting to get on the comeback trail, with her investments having swooned in May amid a downturn in tech and growth stocks.
The flagship Ark Innovation $(ARKK)$ exchange-traded fund was nursing a year-to-date gain after an over 11% rally in June, for example. And the ARK Fintech Innovation ETF (ARKF) was up over 7% for the year and the month.
Wood has been doubling down on her bets and predicts that bitcoin prices will eventually be $500,000 .
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
$(END)$ Dow Jones Newswires
June 25, 2021 12:23 ET (16:23 GMT)
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