A few days ago the Bitcoin conference took place in Miami. This event was hyped up before hand as last year amazing announcements were made, such as the adoption of BTC by El Savador as legal tender. In this article I want to talk about some of the most interesting things that happened during this year’s conference and what this conference means for crypto in general.
Notable Highlights
One of the first things that happened was the reveal of a crypto bull in front of the event center by Francis Suarez, the mayor of Miami. This bull should imitate the bull that is standing in New York as symbol for Wall Street. This is certainly an application towards being an important place for crypto in the future. Furthermore, this bull is supposed to symbolize the metamorphosis from the old economy to the new economy.
A more bearish event, so to speak, was that El Savador president Nayib Bukele did not attend the conference at all. Before the event took place, many people expected big announcements as he was planned as one of the speakers. Unfortunately, he had to call off his visit due to internal problems in his country. Staying with politics, afore mentioned Miami mayor Francis Suarez is planning to run for president in the future. That is why he practiced his promises on this platform. Some of his points were getting pro-crypto politicians elected, an integrated BTC system into society and last but not least promote Bitcoin as an inflation hedge. There were no concrete plans laid out but I think that crypto could see an amazing push if such a candidate could be in the run for presidency.
Another very interesting speech was by Kevin O’Leary. I don’t think that this “Shark” needs an introduction. His main points were that the institutions are waiting for more regulatory clarity, hence the real big money has not yet started to flow into crypto. Furthermore, he noticed that Bitcoin Miners that are not operating with renewable energies will have a very hard time in the future to get funding and hence will go instinct. He mentioned that energy sources like hydro and nuclear will be the most dominant one to use for mining to satisfy the ESG demand.
The more technical highlights was that Cash App announced to introduce a few new BTC related features. Some of these feature are to auto-invest 100% of your paycheck straight into BTC without any fees as well as auto-invest any spare change into the Bitcoin asset. Both of these announcement sound very nice to have and could definitely allow regular investors like you and me to get more exposure to BTC.
Next highlight of this conference is without a doubt the announcement of shopify’s integration of BTC. This big e-commerce platform is supposed to integrate payments over the lightning network. In my opinion, this announcement is a very big milestone as Shopify is a very big platform where millions of users are shopping every day. This would allow for more BTC transactions making it more available to the broad overall user base.
Another great news for crypto in general is the newly founded Political Action Committee (PAC) that is called Financial Freedom PAC. It will support pro-crypto politicians in their goals and actions by fund their campaigns. The ultimate goal is to support pro-crypto politicians and oppose anti-crypto politicians. In my opinion this will have a big impact on the political space as more and more politicians would want to get funding by this organization, hence being pro-crypto will certainly help.
Meaning For Crypto
There were without a doubt more highlights of this event, but these ones stood out to me the most as they have big implications for crypto. For starters I think that we are just seeing the beginning of regulatory actions against crypto. I don’t think that regulations in general are a bad thing, as long as they help the overall adoption. With this being said, many investors are just waiting for the playing rules to be determined and laid out which means that we will see a big amount of money flowing into this industry once these things are clarified. Not only that, but hearing that PACs are being formed to help pro-crypto politicians means that a potential ban as we saw it in China is almost of the table. With more and more people owning crypto and more and more politicians advocating for this amazing technology is definitely a sign that crypto is the next step in technology.
Published by ga38jem on
LeoFinance
On 17th April 2022