Right now, conference-goers in town for the Bitcoin 2022 Miami conference are lining up for the Sound Money Music Festival for a day of fist-pumping and beat-dropping.
With the business end of the annual crypto event now in the bag, here are some final thoughts and reflections on the historic Bitcoin conference.
Final Thoughts on Bitcoin Miami 2022
You wouldn’t necessarily know given the lackluster price action, but all of last week and into the weekend was Bitcoin Week in Miami centered around the annual BTC conference at the Miami Beach Convention Center.
Great things happened for the very first cryptocurrency. The consensus in the underserved community is always 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 things in perspective, billionaire Peter Thiel said it best during the show. The fact that so many executives, entrepreneurs and investors have come together to rally for a network that is not backed by a CEO, marketing team or any official body is unprecedented.
Bitcoin is for everyone and that has never been clearer. It is up to the community and the network itself to promote the community and the network. Without targeting Satoshi, all sources of error have been eliminated. But without a bottom line, a board of directors, and a large marketing budget, bitcoin-related announcements are left to those who build on or around them.
Bitcoin, not shitcoins
Even at a Bitcoin-focused event, Ethereum received a lot of respect from Maxis. But there was still a deep disdain for shit coins. The message came from billionaires like Ricardo Salinas – the third richest man in Mexico.
The news also came from the Uber drivers, hotel concierge, waitresses, and more, all of whom were keen to share that they all had a sizeable portfolio of shitcoins in the red, but rarely owned BTC. Everyone knew exactly what Bitcoin is. Meanwhile, the various names of the random altcoins they mentioned read like the island of misfit toys.
BTC is freedom
As an American who has flown from one US airport to another in just a few hours and thought nothing of it, the stories of a 13-year-old North Korean woman who was sold into sex slavery and yet escaped through China are eye-opening and… tears in my eyes
In the developed west, money, banks, credit, and debt have functioned well for the past few decades or more. Not so lucky elsewhere. Oppressive governments block the flow of information and control citizens with their money. Lifetime savings are taken or lost with a quick decision by a central banker without thinking about what it took a person to accumulate their wealth.
Surviving Inflation
Central bankers are the bane of society. What began as a valid attempt to spur economic growth has since caused monetary policy to render regular wages unlivable. It has created huge wealth inequalities and global inequality.
Consumer prices and energy costs are rising, and investing money in savings is a systematic way to see at least half of its value depreciate in a generation. Bitcoin may not be ready to be the perfect store of value just yet, but when you compare BTC’s purchasing power to the dollar over the past decade, the results speak for themselves.
Regulation is coming
The swear word was used again and again during the conference: regulation. Some see it as the beginning of a battle between the cypherpunk ethos and the old ways of traditional finance. Others welcome it with open arms. The truth is that the coming regulation for Bitcoin will not be easy and will face many challenges. It will ultimately be the best for cryptocurrency adoption.
Kevin O’Leary believes that over time, BTC mining will become regulation-friendly and even encouraged to offset the carbon impact of other industries. This suggests that the industry in this area is as young as in so many others.
Crypto is still so early
Bitcoin 2022 had around 30,000 visitors and exhibitors. In comparison, San Diego Comic Con has 100,000 more visitors. Consumer Electronics Show brings around 175,000 visitors before the pandemic. People are still learning. adoption takes place. But there is still a long way to go.
Bitcoin is just a teenager. Right now, like any teenager, it has an attitude, doesn’t listen to authority, and is growing faster than most can match. It goes through a period of maturation that comes with a lot of emotions and growing pains. In order for it to become an adult capable of going out into the world on its own and growing into the global reserve wealth it has potential for, it must face many stumbling blocks along the way. We all do. And we are all bitcoin.
Bitcoinist @ Bitcoin 2022 Miami
Bitcoinist @ Bitcoin 2022 MiamiBitcoinist will be at Bitcoin 2022 Miami in Miami Beach, FL from April 6th to 10th, reporting live from the show floor and related events. Watch exclusive coverage from the world’s largest BTC conference here.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis training. Please note: the content is educational and should not be taken as investment advice.
Featured image from iStockPhoto, charts from TradingView.com