Bitcoin 2022 was billed as the largest event in crypto history. With over 25,000 visitors; over 100 different businesses showcasing their offerings to the crypto market and dozens of speakers presenting on an array of topics. The event was not one to be missed. Don’t worry if you didn’t make it, the Coincover team were there and have put together our top takeaways, so you don’t get FOMO.
1. Bitcoin mining is going to save the world
Canadian businessman, Kevin O’Leary declared that Bitcoin mining is going to save world. Despite Bitcoin mining being under attack for using extreme amounts of energy, Mr Wonderful believes that there is a role in the development of renewable energy that Bitcoin mining can fill. Renewable sources of energy such as windfarms can often generate more energy than is needed, this energy is then wasted. O’Leary suggests that the excess energy can be used to mine Bitcoin and actually improve profitability.
2. The community is growing: “Everybody’s looking for a way to improve their life through technology”
Crypto really is all about community. It is so friendly and inclusive. The conference was a pilgrimage for a whole host of people – young to old in all walks of life – who want to celebrate the crypto movement. Michael Saylor, CEO of Microstrategy and staunch supporter of Bitcoin talked about the growth of the community, he commented that many people at the event are saying, “I don’t know if I trust the government, I don’t trust the currency, I don’t trust the banks, I don’t have the savings account, I got no checking account, the payment systems don’t work anymore, everything’s broken and the entire crypto economy offers a solution to that problem and so everybody’s looking for a way to improve their life through technology”.
We had many great conversations with companies and retail investors who all had stories about how they had been hacked or once lost access to their crypto. One thing is clear; there is a new of doing things in the world of finance and the crypto revolution is coming!
3. Federal Legislation is on the way
In a fireside chat with Wyoming’s Republican Senator, Cynthia Lummis promised bipartisan support for cryptocurrency which will soon face federal regulation.
About the Responsible Innovation Act, she said, “It's truly a legislative framework that we hope will provide the sandbox for innovation to occur, but also put some regulatory parameters so you all know the rules of the road. So, it includes definitions, so we all understand we're talking about common things. It includes privacy components, consumer protection components, taxation components. It includes risk parameters, and it utilises the existing structure at the SEC in the CFTC in order to demarcate where we're dealing with commodities and where we're dealing with securities.”
4. Bitcoin will become more practical as an everyday payment method
There was no huge announcement as we saw in 2021, instead there was a heavy focus on making Bitcoin more practical. The main announcements focused on Lightning technology promises to make reduce Bitcoin payments from minutes to instantaneous along with low fees and the potential to scale to millions and potentially billions of transactions per second.
Whilst these improvements will make Bitcoin transactions more appealing and may see an increase in more businesses harnessing crypto payments, the fluctuating value of Bitcoin could still pose a challenge. However, the increase in more stable coins and smaller cryptocurrencies brings some hope.
5. The Miami Bull
This was definitely one of the show’s main attractions and attracted large crowds of people eager to get their selfies with the bovine celebrity. Miami Mayor, Francis Suarez, hosted the unveiling of the Miami Bull, which cost more than $250,000 and was a homage to NYC’s Wall Street Bull.