Two 'Stars' of the Cryptocurrency Market, Jack Dorsey and Musk, to Hold a Showdown [Im Juhyung's Tech Talk]

On the 21st (local time), final talks at 'The Beeword' conference
Discussion agreement reached earlier via Twitter conversation
Attention on whether it will be a turning point for cryptocurrency prices

Elon Musk, Tesla CEO (left), and Jack Dorsey, Twitter founder, scheduled to discuss at the Bitcoin-related conference 'The B Word' on the 21st (local time) / Photo by Twitter

[Asia Economy Reporter Lim Juhyung] "Let's have a conversation together. We will answer all your questions," "Sounds great. Let's do it."

The world's attention is focused on a showdown between two stars of the U.S. cryptocurrency industry, Tesla CEO Elon Musk and Twitter founder Jack Dorsey. The two are scheduled to debate at a Bitcoin-related conference on the 21st (local time). This showdown could be a crucial turning point in determining the future of cryptocurrency.

The 'showdown of the century' between the two was arranged recently through Twitter conversations. Dorsey recently posted a promotional tweet about the Bitcoin conference 'The B Word,' to which Musk replied sarcastically, "What’s The B Word, bicurious?" then corrected himself, "Oh right, Bitcoin."

The two people were having a conversation through the social networking service (SNS) Twitter and agreed to a final settlement. / Photo by Twitter capture

Dorsey called Musk "bizarre" but proposed, "Let's have a conversation together at the event," and Musk responded, "Alright, let's do it." The two will meet at The B Word, hosted by Ark Invest CEO Cathie Wood, on the 21st to share information about cryptocurrency and discuss its future.

Their conversation could become an important turning point for the Bitcoin and broader cryptocurrency market. Both have frequently mentioned cryptocurrencies and are entrepreneurs actively pursuing businesses utilizing cryptocurrencies.

Tesla purchased about $1.5 billion (approximately 1.7 trillion KRW) worth of Bitcoin in the first quarter (January to March) and successfully realized profits by liquidating some of it. Square, the financial payment startup founded by Dorsey, is actively expanding its Bitcoin-related business. According to a letter sent to investors in the first quarter, Bitcoin business accounts for about 70% of Square's total revenue.

As a result, the cryptocurrency industry has been paying close attention to their statements. Musk, known for his blunt and direct speech, has at times significantly influenced cryptocurrency price fluctuations.

For example, when Musk appeared on the U.S. comedy show 'SNL' on the 8th of last month, he joked that "Dogecoin is a scam," causing the price of Dogecoin, a type of cryptocurrency, to plunge about 40% from its peak.

Tesla CEO Elon Musk announces appearance on the American NBC comedy show 'SNL' / Photo by NBC Twitter capture

Similar to this case, there are views that cryptocurrency prices could fluctuate sharply depending on the content of their conversation at the conference on the 21st.

The difference in their views on cryptocurrency is also drawing attention. Although both Musk and Dorsey actively use cryptocurrencies in their businesses, they hold somewhat divergent perspectives on its future.

Musk once accepted Bitcoin as payment for Tesla vehicles but later withdrew due to environmental concerns.

Since then, he has said he is looking for other cryptocurrencies that consume less than 1% of the energy used to mine Bitcoin and has taken steps to find solutions. He also hosted meetings with the U.S. 'Bitcoin Mining Council,' an organization that mines cryptocurrency using only eco-friendly energy. His stance is that while cryptocurrency is promising, it should not come at the expense of the environment.

On the other hand, Dorsey is a Bitcoin supporter who positively views only Bitcoin's future among various cryptocurrencies. He is skeptical of alternative coins like Dogecoin, which have similar but different characteristics.

To Dorsey, Bitcoin is not just an investment tool or payment system but a technology with enormous potential to transform social and economic structures.

Jack Dorsey believes that Bitcoin can be a technology that goes beyond a simple investment tool to solve structural problems in modern society. / Photo by Yonhap News

At a recent conference held in the U.S., he described Bitcoin as "the most important technology in my life," emphasizing, "If I weren't working at Twitter or Square, I would be developing Bitcoin-related technology right now. Also, if my help is needed for Bitcoin development, I am always ready to assist."

Dorsey argues that Bitcoin has the potential to create a completely new financial infrastructure, which could help impoverished households and make society more equitable.

For this reason, Dorsey views the privatization of cryptocurrency or the act of unfairly profiting from it negatively. He previously criticized Musk, saying, "No single person can change or stop cryptocurrency."

In this context, cryptocurrency information media 'The Block' predicted, "While Musk is much more critical of Bitcoin, Dorsey is a 'Bitcoin evangelist.' Their debate will be interesting."

The reason why attention is focused on what conclusion Musk, who actively uses cryptocurrency but does not hesitate to express skeptical views about its flaws, and Dorsey, a 'Bitcoin optimist,' will reach at the upcoming conference is clear.

This content was produced with the assistance of AI translation services.