Another Bitcoin conference has come to an end, with many exhibitors representing the industry on the hardware, software and finance fronts, as per usual. A unique aspect of this year's Bitcoin 2022 Conference, hosted by Bitcoin Magazine in Miami, Florida, is that its over 25,000 attendees make it the biggest of its kind thus far, with a number of keynote speeches from a dense roster of crypto movers and shakers at a time when global awareness of Bitcoin is higher than ever.
Among the rich collection of perspectives offered, one recurring theme throughout was an overall conviction in Bitcoin’s continued march toward mass adoption and acceptance. Although there was robust discussion (and at times disagreement) between some of the presenters about the particulars of where the Bitcoin sphere is headed, most seemed to agree that Bitcoin will be only further integrated into the world economy, and likely faster than many people think.
In addition to major announcements from BitPay, Blockstream, MicroBT, and Strike, Bitcoin 2022 saw no shortage of philosophizing about not only the future, but also the very nature of Bitcoin and its role in society. Mike Novogratz called Bitcoin “probably the best brand ever created in the shortest amount of time,” while Jordan Peterson acknowledged that “the idea of a decentralized monetary system… is a revolutionary idea”, Peter Thiel observed that Bitcoin was “always the most honest market in the world… the most efficient market, and it was the canary in the coal mine, it was telling us the inflation was coming.”
“If I want to mine Bitcoin in my home, and walk into a CVS later this year and use the Moon Wallet, who’s to tell me I can’t do it? Now, nobody! Nobody!”
Michael Saylor, in talking with Cathie Wood, commented on an array of recent global trends and events including inflation, the war in Ukraine, Russian sanctions, and the Canadian freedom convoy, arguing that these developments had “underscored for every mainstream objective observer the use case for a global… store of value crypto asset like Bitcoin.”
“I think we’re going to see an explosion of developers focused on the Lightning Network,” Wood later added, “I think this has been the missing link in terms of use case. Store of value, yes, it’s always been there. Means of exchange and unit of account now have a much better opportunity for Bitcoin to dominate long-term.”
Just one day later, effectively proving her point, Jack Mallers announced his company Strike’s Lightning Network payment system partnership with Shopify in a stirring speech, declaring: “If I want to mine Bitcoin in my home, and walk into a CVS later this year and use the Moon Wallet, who’s to tell me I can’t do it? Now, nobody! Nobody!”
Kevin O’Leary, meanwhile, in touching on the intersection of Bitcoin and regulation, presented an optimistic view of the potential impact of policy making moving forward. “There are billions of dollars out there waiting for policy,” he noted, before ultimately claiming that “if you want to see Bitcoin appreciate in value… you want regulation. You embrace this, and you stand back, and watch capital pour into this.”
“...crypto, blockchain, Bitcoin, all of this innovation, will be the twelfth sector of the S&P.”
O’Leary also referenced the two-page stablecoin bill recently introduced in the US Senate, in addition to the Biden Executive Order. “When we get policy and the regulator regulates, that’s not a negative thing. The spigots of capital are going to flood into this sector like you’ve never seen,” he said. He also predicted that, within a decade “crypto, blockchain, Bitcoin, all of this innovation, will be the twelfth sector of the S&P.”
According to Novogratz, in his fireside chat with Anthony Pompliano, for Bitcoin “the adoption cycle is about to hit breakout velocity, and we can see that because sovereign wealth funds are buying it, institutions are buying it.” He also weighed in on the larger narrative of Bitcoin, saying: “I think the narrative isn’t that we’re going to replace the dollar with Bitcoin… it’s that I’m going to take some of my wealth and preserve it and store it there, as an asset.”
It was a measured and reasonable statement in support of Bitcoin, and yet in the end this is what passed for bearish sentiment at Bitcoin 2022. “If we can help make the Bitcoin network more accessible and usable we believe we can change the world,” Mallers had stated, while O’Leary had further claimed that “Bitcoin mining is going to save the world” through its use of hydroelectricity. Thiel, toward the end of his own speech, plainly declared that “we have to just go out from this conference and take over the world.”
The Wattum team was thrilled to attend such an exciting event, with one bullish prediction after another from some of crypto and finance’s most respectable entrepreneurs and innovators. We share the optimism of these leading voices in the community on where Bitcoin is ultimately headed, and cannot wait to continue evolving with and contributing to the Bitcoin mining industry as mass adoption continues to take hold.
Want to join us at the next major Bitcoin event for even more excitement? Get your tickets to CoinDesk’s Consensus 2022 and join Wattum at Booth 264 in Austin, TX from June 9-12. Sign up for our newsletter or speak to your sales representative for more details.
