Tech Industry Leaders Meet To Discuss Future Of Bitcoin

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Tech Industry Leaders Meet To Discuss Future Of Bitcoin
The event called "The B Word" gave people like Elon Musk and Jack Dorsey a chance to explain how cryptocurrency works and what the future looks like.

Technology pioneers Elon Musk and Jack Dorsey took part in an online discussion Wednesday to discuss the merits and the future of Bitcoin.

The event, billed as "The B Word" offered a chance for the panel to explain to investors how the cryptocurrency works and why they feel it's important to the world today.

Musk, the CEO of Tesla and SpaceX said money is "fundamentally an information system" and Bitcoin functions as a candidate to "improve the quality of information with which we conduct the economy."

Musk also said Tesla will most likely start accepting Bitcoin again as payment. That comment gave the cryptocurrency's price a bit of a boost.

Dorsey, the CEO of Twitter and Square said Bitcoin is suitable to be the internet's native currency because of its controls, resilience, and scrutiny.

"It's not controlled by any state, not controlled by anything, it's not controlled by any corporation," Dorsey said.  

"I don't know of many other consensus based models that have existed at that scale for this long with this amount of success."

Additional reporting by the Associated Press.