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The thousands of attendees weren’t the only remarkable thing about Bitcoin Miami.
Bitcoin Miami was the first major in-person cryptocurrency event we’ve seen since the start of the pandemic. With approximately 12,000 participants, the two-day conference had a festive atmosphere, filled with a multitude of presentations, parties, personalities and panelists.
Bitcoin-loving celebrities were out in force, with various big names inside and outside the cryptocurrency world. These included:
Common themes included:
Inflation Environmental concerns Wealth creation The banking system
Here are some key points from the event.
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1. El Salvador could be the first country to accept Bitcoin as legal tender
A video released by the President of El Salvador, Nayib Bukele, stole the show. President Bukele has said he wants El Salvador to embrace Bitcoin and believes this move will improve the lives of millions of people.
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Bukele tweeted that 70% of his country’s population does not have a bank account. He stressed: “Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions. .
Zaps Jack Mallers told attendees in Miami that Salvadorans have already started using his cryptocurrency app, Strike. He said the company will continue to work on the ground to make Bitcoin adoption a reality.
President Bukele plans to submit a Bitcoin bill to Congress this week.
2. Miami wants to be a cryptocurrency hub
Miami Mayor Francis Suarez told the convention he wants the city to become the capital of Bitcoin. The event was originally scheduled to be held in Los Angeles but had to be moved due to COVID-19 restrictions. And Mayor Suarez jumped at the chance to establish his city’s cryptographic credentials.
Here are some of his proposals:
Give municipal employees the option of being paid in Bitcoin Accept tourist tax payments in Bitcoin Invest part of the city’s capital in Bitcoin
Suarez says he’s talking to leaders of other crypto-friendly states to see what lessons Miami can learn. But his efforts are already paying off. This week, Blockchain.com announced plans to move its headquarters to Miami. Crypto exchange and brokerage eToro has also said it will establish a presence there.
3. Square could launch a crypto wallet
Twitter CEO Jack Dorsey told the audience: “Bitcoin is changing absolutely everything.” He pointed out that cryptocurrency can enable millions of people around the world to access financial services. “If I wasn’t on Square or Twitter, I would be working on Bitcoin,” he said.
He also announced that his Square payments app is considering a hardware wallet.
Crypto wallets give people more control over their cryptocurrency assets. Many people choose to leave their cryptocurrency on the exchange where they bought it, in what is called a custodial wallet. However, Dorsey thinks it’s important to give them a “non-custodial” solution.
The reason? If you use a custodial wallet, you don’t control the keys to your cryptocurrency. It’s like having a bank account without your own PIN: the money is in your account, but someone else is in charge.
4. Elon Musk’s Broken Heart
No Bitcoin 2021 conference would be complete without a mention of Tesla CEO Elon Musk. The billionaire’s tweets have helped drive cryptocurrency prices up and down in recent months.
Musk may not have attended the event, but he certainly made his presence felt. Right before Bitcoin Miami started, he tweeted a heartbroken emoji and the hashtag #Bitcoin.
Some attendees are hoping the breakup tweet means Musk could stop talking about Bitcoin for a while. Several speakers criticized Musk’s activities, and billboards at the event were adorned with the words “Stick to space, Elon.”
5. Cryptocurrency is still heading towards the general public
Miami’s crowded venues once again demonstrated the high level of interest and enthusiasm for all things crypto. Indeed, recent research from The Ascent has shown that more than 50 million Americans are likely to buy cryptocurrency next year.
The price of Bitcoin may have fallen significantly in recent months, but the presence of big names and big institutions at the Bitcoin convention is still a testament to how far we’ve come – and how far it can still go.
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