Bitcoin Surges To $40k And Twitter Hopes For A Global Digital Currency

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After witnessing some profit taking on Monday afternoon and part of Tuesday, Bitcoin was on the rise again this morning and has just crossed the $40k threshold. At the time of writing, the Bitcoin price is trading slightly below $40k, around $39,5k. In the past week, the world’s largest cryptocurrency has in this manner gained more than 30% already. Talk about a comeback.

#Bitcoin bouncing around the 40k rim

— Cameron Winklevoss (@cameron) July 28, 2021

Major altcoins also showed strong gains, with Ethereum breaching $2,200. In the smaller coins we once again have to point out Axie Infinity which is trading 20% higher today, now changing hands for $46.

Earnings Transcript

Last week, Tesla CEO Elon Musk and ARK founder Cathie Wood stole the show at the B-word conference where they discussed together with Twitter and Square CEO Jack Dorsey about their belief in Bitcoin’s future.

Twitter CEO Jack Dorsey says that #bitcoin is a big part of the company’s future. #cryptocurrency https://t.co/sFU4ruZtjV

— Bitcoin News (@BTCTN) July 26, 2021

Because of their support, and the belief of many investors that the worst of the Bitcoin bashing by China is behind us, crypto has seen a rally in the past few days (although we now witness some profit taking). Whereas most world media focused on the words of Wood and Musk, the second quarter earnings call of Twitter which was recently released showed that the man taking Bitcoin most serious, is still Jack Dorsey.

In this report, he stated that for Twitter three things were important:

AI, decentralization and the Internet finally having access to a global native currency in Bitcoin. All these will help us do our jobs better, and we intend to lead the way in each.

Asked by investors what exactly he meant, Dorsey responded that Bitcoin:

Is a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. And we’re not alone here. I mean look at what Facebook is trying to do with Libra or Diem, or I’m not sure what they’re calling them right now. But there’s an obvious need for this and appreciation for it.