The interesting thing in this remark is the use of the present tense, as the governments are rethinking their reserves.
Another important piece of information he shared is that there will be no CBDCs in the USA.
The More Regulated the Field, the Better
Neal Katyal, a senior advisor during the Obama administration, had intriguing observations to share about Bitcoin’s future. He is certain that Bitcoin is coming to adoption, but he wonders about the regulations. In a lively speech, he presented his stance that the more regulated a field is, the more people will be drawn to it.
Bitcoin Is a Store of Value
Fred Thiel, the chairman, and CEO of Marathon Digital Holdings, said that Bitcoin will be used to price commodities in the future because you cannot kill it or debase it. Bitcoin is a reserve asset and, unlike the dollar, it cannot be weaponized.
According to Haider Rafique, chief marketing officer at OKX, the conference “is just what the Bitcoin industry in the UK needs—the community itself rising up to say this is what we’re about, and this is why you should care.”
As Walker makes clear in the Bitcoin Collective podcast, the conference should serve as a catalyst for Bitcoin adoption in Scotland, while it “aims to capture as many diverse participants as possible both on and off the stage.” Bitcoin Collective operations director Lucy-Rose Walker explained that “Bitcoin is for all, and does not differentiate between gender, race or religion.”
Scotland’s capital, affectionately known as “Auld Reekie” to locals, is Scotland’s second-largest city. With a population of almost 500,000, it makes it slightly smaller than Glasgow.
But, it more than compensates in history, architecture and music.
The conference, which runs from June 3 to June 5 at the Mana Convention Center in Miami’s Wynwood neighborhood, brings a host of reputable attendees including Twitter CEO Jack Dorsey and Miami Mayor Francis Suarez, who has said he wants to make the city a crypto hub.
Financial data analysis graph showing global market trends. Selective focus. Horizontal composition with copy space.(iStock)
The conference was originally scheduled to run from April 30 to May 1 in Los Angeles but was changed to Miami amid concerns of California’s strict COVID-19 policies.
The date was also changed back to allow time for the second wave of the virus to pass and allow vaccines to roll out.
BITCOIN CONTENDS WITH BIGGEST MONTHLY DROP ON RECORD
Conference organizers expect upwards of 50,000 attendees.
Though still small compared to its west coast counterparts, Miami has emerged as a major tech hub in recent years. The Wynwood neighborhood, in particular, has become a hub for arts, technology, and innovation.
Mayor Suarez told Fox Business in January he is looking into allowing citizens to pay taxes and fees to the city in bitcoin.
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“We want to be one of the most crypto-forward and technological cities in the country,” he said.
“So we’re looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies.”
Fox Business’ Catie Perry contributed to this report.
We will only highlight the most interesting remarks that are almost certain to have a great impact on Bitcoin price and its implementation in the future.
Day 1 – Bitcoin Analysis and Predictions
Brian Estes, the CEO, and CIO of Off the Chain Capital, talked about the S-curve. The S-curve model is based on mathematical patterns, where it usually takes a business the same amount of time to go from 10% to 90% adoption, as it does from 0 to 10%.
He estimates that, since 10% of US citizens owned Bitcoin in 2019, in 2029 around 90% of Americans will hold it. His estimates are based on US data only, as the world numbers are a bit different – Bitcoin ownership is estimated at around 3.9% as of 2021.
Tom Lee had some very interesting thoughts to share.
Safe options for storing, in their opinion, include Bitcoin.
Governments Embracing Crypto
Other than the majority of speakers agreeing on the topic of inflation and how it impacts the poor, there were some remarks about President Baiden’s executive order. Michael Saylor touched on the subject while on stage in Miami.
The president has directed every government agency to investigate the new asset class, i.e. crypto, and embrace it. Cathie Wood, who was on stage with Saylor, said that she expects roughly around 2.5% of all government assets to be allocated to Bitcoin in the next few years.
Day 3 – Governments Already Looking at Bitcoin
Continuing on the information of the previous day, Michael Saylor remarked that as the petrodollar unwinds, more and more governments are looking at Bitcoin to stabilize their economies.
Bitcoin price could breakout soon as analysts believe recent bearishness represents a brief period of profit-taking that is about to end. Miami is hosting the world’s largest crypto conference in 2022, fueling a bullish narrative among investors.
Bitcoin price on track to recover as Miami prepares for crypto conference
Francis Suarez, the Mayor of Miami, believes cryptocurrency has propelled the city into a technology hub.
Fox News reported that Suarez will be among the speakers at the conference, being extremely pro-Bitcoin, after his statement in February that Miami city employees would be able to receive their salaries in Bitcoin should they want to take up this option. He also stated that he would consider financing his re-election campaign with the number one cryptocurrency.
Other speakers at the conference include Square co-founder Jack Dorsey, MicroStrategy’s Michael Saylor, former congressman Ron Paul, pro-crypto Senator Cynthia Lummis, and Nick Szabo among many others.
In addition to normal entry, a “whale pass” is being auctioned, with bids beginning at three bitcoins.
The pass will award the winner five celebrity-suite tickets to the Mayweather vs. Logan Paul boxing match, a meet and greet with skateboarder Tony Hawk, and access to VIP concierge services.
Edinburgh attracts more cultural and historical events than Glasgow, including the world-renowned Edinburgh Fringe Festival and Hogmanay (among the world’s largest New Year’s celebrations).
There were fledgling signs of Bitcoin adoption in Edinburgh throughout 2021, although the conference would hope to make waves in terms of nationwide adoption. Across the border in England, grassroots adoption stories are spreading while the Isle of Man — a British Crown Dependency — is fast becoming a “Bitcoin Island.”
British Bitcoiners feature among the speakers as Peter McCormack, podcaster behind What Bitcoin Did, Allen Farrington, author of Bitcoin is Venice, and Danny Scott, CEO of CoinCorner, have been announced as speakers to date.
The conference is the inaugural Bitcoin Collective conference, with locations for the following years yet to be announced.
Salinas pointed out that hyperinflation hurts two types of people – old people and poor people, as they don’t have assets, only cash.
Saifedean Ammous actually calculated the loss per year at the inflation rate of 14%. That is 14 trillion dollars lost each year! He proceeded to explain how that impacts the poor, while the rich can secure their money with hard assets.
A similar sentiment was shared by Greg Foss, who said that it is „mathematically impossible“ for governments to stop printing money.
In other words, fiat currencies are going to be worthless soon.
They believe your money’s value is better stored elsewhere.
The recent consolidation was consistent with the pullback following Q2 2020 and Q1 2021 bull run.
Analysts believe Bitcoin price trend continues to remain overwhelmingly bullish despite remaining largely unchanged over the first quarter of 2022. After evaluating the average return in Q2 over the past ten years, analysts argue that a 43.38% gain sets the target at $65,288.
In 2022, investors need to watch out for two key price levels in Bitcoin, $101,856, that follows the $100,000 psychological barrier for the asset, a 347% gain from April 2022 prices.
Historically, Bitcoin price breaks out in April every year, starting a rally that extends into June and July.
Something needs to change and President Baiden’s executive order is a nudge in the right direction.
In the meantime, most speakers expressed their concerns about poor people not being able to have their money’s value backed in hard assets. And while the regulations are most certainly coming, the governments are not doing it fast enough.
Inflation rates are going higher and Bitcoin holds the key.
The key to giving the power back to the people and the key to having a stable, digitally-backed economy. As several speakers pointed out, it is inevitable that Bitcoin will be used in the future to price goods.
Crypto journalist and trader.
My trading journey has its ups and downs, as well as my life. I have been working as a mechanic, farmer, banker, and oh, so many different things.