Call it the hallowed trinity of tech.
Bitcoin bulls Jack Dorsey, Twitter’s CEO
TWTR,
(and Square’s
SQ,
as well), and Elon Musk, Tesla’s CEO
TSLA,
agreed over Twitter on Friday to discuss the outlook of the world’s No. 1 cryptocurrency at an event next month. 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
BTCUSD,
and crypto assets more generally.
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 whether 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 the payments platform Square and the social-media network Twitter Inc., while Musk runs SpaceX in addition to his electric-vehicle-manufacturing duties. All three are backers of the future of payments and digital assets like bitcoin.
The public discussion of a future discussion didn’t do much to crypto prices, however.
Bitcoin was 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
DOGEUSD,
which was up 6% on the session.
More traditional financial markets, however, were headed higher, with the Dow Jones Industrial Average
DJIA,
the S&P 500 index
SPX,
and the Nasdaq Composite Index
COMP,
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 tiny year-to-date gain after a 12% run-up in June, for example. And the ARK Fintech Innovation ETF
ARKF,
was up some 7% for both the year and the month.
Wood has been doubling down on her bets and predicts that bitcoin’s price will eventually hit $500,000.