The Miami Beach Convention Center was hopping last week as participants swarmed to attend the Bitcoin 2022 Conference. With the pandemic dismissing any possible gathering the past two years, cryptocurrency fans made sure to take this opportunity to come out and make their presence known. Over 25,000 people were in attendance each day at the convention center, which was designed as a literal crypto universe. A giant moon hung from the ceiling, reminding attendees to always reach higher. A huge Mars replica couldn’t be missed just a little further away. A spreadsheet was passed around listing details about the many scheduled parties. Fog machines were activated and dance music blared. All the big names of the crypto world were in attendance, if not on stage speaking.
When Bitcoin was first released in 2009, conferences barely attracted more than a dozen attendees. There weren’t enough people willing to take Bitcoins that were being distributed for free. Now, the crypto coin and industry in general has multiplied immensely.
The excitement was clear and the fervor could be felt at the gathering in Miami. With the paramount hustle and bustle throughout the convention center, the energy was contagious. Through all the glitz, though, there was a clear focal point – a 40-foot volcano adorned with the Bitcoin 2022 logo, proudly displaying the ambitious future of crypto. Another impossible-to-miss site was a mechanical bull, again sending the message of a bright future. The lucky participant who rode it the longest was to be awarded a single Bitcoin.
Even before the convention ended, participants were already expressing anticipation for next year’s. Will future crypto gatherings outdo the glamour of Bitcoin 2022? We’ll have to wait to find out!
Newly-elected New York City Mayor Eric Adams, and recently re-elected Miami Mayor Francis Suarez both want their first payments as mayor to be in cryptocurrency.
Adams made his announcement on social media, saying that he would like to have his first three months’ worth of salary transferred to him in the form of bitcoin. Since the currency’s launch in 2009 it has been extremely volatile—from about $1,000 at the end of 2013 to $66,000 in late 2021, with lots of ups and downs in between.
Both Adams and Suarez want to make their respective cities “the center of the cryptocurrency industry” and “a hub for cryptocurrency innovation.”
“In New York we always go big, so I’m going to take my first three paychecks in bitcoin when I become mayor,” wrote Mr. Adams on Twitter
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
Adams was elected in early November 2021 as New York’s second Black mayor.
Suarez established in August 2021 a new cryptocurrency called MiamiCoin, run by an non-profit organization called CityCoins. The group sends 30% of the value of the currency that is created on someone’s computer to Miami. So far the city has raised over $7 million in this way. Adams stated that he would like to create a similar non-profit as well.
Bitcoin reached its highest price in its short history when it doubled in value in just one month.
During the month of August Bitcoin went from a price of $2788 on August 1st, 2017 to $4564 on August 31st, and it wasn’t finished heading for the stars quite yet. On September 2 bitcoin reached a high of $4780, before it started to crash, losing about 15% in just a bit over a week. As of September 11th, one bitcoin costs $4106.
Overall this year bitcoin has grown by 358%, starting slowly in January, but then really taking off in March this year, when it began climbing from just under $1000 on March 24th, and just kept going.
Listen to one commentator’s analysis of this investing phenomenon. Is it a bubble, or isn’t it?