Bitcoin 2022 Miami: Final Thoughts and Conference Thoughts
Right now, conference attendees who are in town for the Bitcoin 2022 conference in Miami are lining up for the Sound Money Music Festival for a day of fist pumping and beat drops.
With the commercial end of the annual crypto event now in the bag, here are some final thoughts and thoughts on the historic Bitcoin conference.
Final thoughts on Bitcoin Miami 2022
You wouldn’t necessarily know based on the lackluster price action, but all of the past week and weekend has been Miami Bitcoin Week, centered around the annual BTC conference at the Miami Beach Convention Center.
Great things were happening for the very first cryptocurrency. The consensus within the disappointed community is still that there should have been bigger announcements. However, there was so much meaning beneath the surface of the show.
“A feature, not a bug”
To put it into perspective, on the show, billionaire Peter Thiel said it best. The fact that so many executives, entrepreneurs, and investors have come together to create a network without a CEO, marketing team, or any sort of official entity behind it, is something unprecedented.
Bitcoin is for everyone and it has never been clearer. It is up to the community and the network itself to promote the community and the network. Without Satoshi targeted, all points of failure were eliminated. But with no corporate bottom line, no board, and no big marketing budget, Bitcoin-related ads are only left to those who build on it or around it.
Bitcoin, not shitcoins
Even in a Bitcoin-focused event, there was a lot of respect for Ethereum by maxis. But there was still a deep contempt for shitcoins. The message came from billionaires like Ricardo Salinas – the third richest man in Mexico.
The message also came from Uber drivers, the hotel concierge, waitresses, and more who were all eager to share that they each had a sizable portfolio of shitcoins in the red, but rarely owned a BTC. Everyone knew exactly what Bitcoin was. Meanwhile, the variety of random altcoin names they mentioned read like the island of misfit toys.
BTC is freedom
As an American who flew from one US airport to another in just hours and thought nothing of it, hearing the stories of a 13-year-old North Korean woman sold as a sex slave but escaped by China is telling and tears.
In the developed West, money, banking, credit and debt have worked well for the past decades or more. Elsewhere was not so lucky. Oppressive governments block the flow of information and control citizens with their money. A lifetime’s savings are made or gone with a quick decision by a central banker without a second thought for what it took for an individual to accumulate their wealth.
Central bankers are the scourge of society. What began as a valid attempt to spur economic growth, monetary policy has since made regular wages unlivable. It has created a huge wealth gap and created inequality on a global scale.
Consumer prices and energy costs are rising, and putting money into savings is a systematic way to see at least half of its value depreciate within a generation. Bitcoin may not be ready to be the perfect store of value just yet, but if you compare the last ten years of BTC’s purchasing power against the dollar, the results speak for themselves.
The regulations are coming
The swear word was used quite often throughout the conference: regulation. Some see it as the start of a battle between the cypherpunk ethos and the old ways of mainstream finance. Others welcome him with open arms. The truth is that the upcoming regulations will not be easy for Bitcoin and it will face many challenges. This will ultimately be the best for cryptocurrency acceptance.
Kevin O’Leary believes that BTC mining will become regulatory-compliant over time and even encouraged, capable of offsetting the carbon impact of other industries. What this suggests is that the industry is so young in this area as well as so many others.
Crypto is still so early
Bitcoin 2022 had around 30,000 attendees and exhibitors. By comparison, San Diego Comic Con has 100,000 more attendees. The Consumer Electronics Show drew around 175,000 people before the pandemic. People are still learning. Adoption is on the way. But there is still a long way to go.
Bitcoin is just a teenager. Right now, like any teenager, he has an attitude, doesn’t listen to authority, and is growing faster than most can keep up. He is going through a maturation phase, which is accompanied by a lot of emotions and growing difficulties. For him to grow into an adult capable of going out into the world on his own and becoming the world’s reserve asset for which he has the potential, he will have to have many stumbles along the way. We all do. And we are all Bitcoin.
Bitcoinist @ Bitcoin 2022 Miami
Bitcoinist will be at Bitcoin 2022 Miami in Miami Beach, Florida from April 6-10, live from the show and related events. Check out exclusive coverage of the world’s largest BTC conference here.
To follow @TonySpilotroBTC on Twitter or join TonyTradesBTC telegram for exclusive daily market insights and technical analysis training. Note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com