Bitcoin fans flood Miami for annual crypto bash

If you consider yourself a Bitcoin Maximalist, then all roads lead to Miami, home to Francis Suarez, Bitcoin boosting mayor, a place on the side of Cannes where yacht parties are common, where the world’s biggest BTC convention is held. Bitcoin 2022 saw double the attendance since last year, with approximately 30,000 attaining everything one could wish for; an interactive screen giving the attendees lazer eyes as they explored, a 3,000-pound bull statue unveiled by Saurez, and an after-hours party galore powered by EMD. The event also included plenty of panel discussions and keynote speeches with regard to the future of Bitcoin from industry experts.

• From Peter Thiel to Serena Williams, the weekend saw a diversity of celebs expressing their opinion on Bitcoin. Right from Thiel’s proactive speech, referring to “sociopathic grandpa” to Warren Buffett for not believing that Bitcoin is the future, Williams, along with NFL stars Odell Becham Jr. and Aaron Rodgers, had their opinions in a much-balanced discussion. As the tennis diva applauded Bitcoin for its scarcity, Beckham Jr. revealed that the popular topic discussed in locker rooms revolved around Bitcoin, with Rodgers acknowledging Bitcoin to be the best bet against rising inflation.
• Kevin O’Leary, a Shark Tank investor, encouraged the U.S. lawmakers to outline a sensible crypto regulation and implement it, thereby paving the way for crypto to become S&P 500’s 12th sector. Wyoming Senator Cynthia Lummis, describing her forthcoming bill co-sponsored by Kristen Gillibrand, New York Senator, said that a legal framework is being conceived for the sandbox for innovations to occur and simultaneously set up guidelines so that you know all the rules.
• Of all the officials from Honduras, Mexico, and Portugal attending the event, President Nayib Bulkele of El Salvador stole the show by announcing that his country was the first to embrace BTC as legal tender. Honduras has announced a special economic zone called Próspera, where Bitcoin would be accepted as a legal tender without capital gain taxes applied. According to its president, Bitcoin will be accepted as a legal tender in Madeira, a Portuguese autonomous collection of islands. A Mexican senator also announced that she is proposing a law legalizing Bitcoin.
• Are Bitcoin maximalists embracing DeFi? The most hardcore Bitcoin supporters usually get rattled when other cryptos are discussed rather than Bitcoin as decentralized money. Slowly but surely, the views of these hardcore supporters are shifting. There were few presentations that focused on promoting and adding DeFi, NFTs, and stablecoins to the Bitcoin network. Similar to ETH-based apps like Uniswap, one product called ALEX allows BTC holders to pool liquidity. Another, called Sovryn, is also built on Bitcoin and allows users to lend, borrow, and trade on margin with their bitcoins.

Even though prices in the recent weeks have slumped, the Bitcoin fever is on the rise amongst the attendees of Bitcoin 2022. So what were the key takeaways of the weekend event?

There is general agreement on the need for clear, fair regulation and a perception that the largest cryptocurrency by market capitalization has progressed from a specialist asset to a mainstream concern. Michael Saylor, the MicroStrategy CEO, explained the ground reality through an anecdote. He said he approached a Merrill Lynch broker intending to buy some Bitcoin with MicroStrategy funds, and he was ridiculed. The Broker said that they are not allowed to talk about it as they would be fired for mentioning Bitcoin. Now things have changed; Saylor continued that his inbox is filled with Bitcoin Research at Merrill Lynch by the same Broker.