🎤 The Big Takes from the “Bitcoin2022” Conference
As of today, Bitcoin is the #1 recurring Buying asset. Above Apple and Tesla stocks and above all the overall asset classes…
The “Bitcoin2022” conference is taking place at the Miami Convention center from April 6th to the 9th. Bitcoin and blockchain technology are advancing very rapidly on all fronts and this year’s conference tone and size are testaments to this.
Cash App, a mobile payment service developed by Block, Inc., is the main sponsor among a list of hundreds of companies that paid a premium to have their logo marketed to more than 25,000 visitors. Corporations are changing the tone of the conference as well as politics.
This year’s conference is more global and diverse than the previous ones. The registration numbers show an increase in the number of women attending as well as more international participants.
Peter Thiel, a German-American billionaire entrepreneur, venture capitalist, and political activist was one of the most acclaimed speakers of the first days.
Thiel challenged the audience to think deeply about the definition of Money and started his chat by throwing cash into the crowd signaling how worthless it is. He asked the crowd: Why does Fiat still work? Highlighted that Central Banks are corrupt, that they will go bankrupt, and that the end of Fiat is near. He also mentioned that Central Bankers should be thankful for Bitcoin as it is a warning that the end of Centralized Finance is near and they should make changes accordingly or be left behind.
He added that Bitcoin should not be compared to gold or any other asset, but the entire S&P500 or the entire stock market. This is quite questionable as of now since regulations do not allow large banking institutions nor hedge funds to purchase Bitcoin. Therefore, any institution that has billions in assets will continue allocating them to the stock market or Real Estate until regulation gives the green light. Even if we don’t like regulation, we need it to change for the industry to thrive.
Peter took aim at Vitalik Buterin by showing a picture of the Ethereum creator next to a Maga Hat man pointing an automatic rifle, his attempt to compare a powerful person with a weak one (which says a lot about himself). He shared his doubts about Ethereum’s power and usability and commented that BTC will continue to appreciate, but Ethereum’s future is uncertain.
I believe that he is missing the point by comparing the two largest chains in the crypto space. (Never thought that I would disagree with such a smart person, but…) Ethereum, despite its slow speeds and congested network, has proved to be world-changing technology that allows anyone to build an application on top of it while Bitcoin has been used as a store of value, hedge against inflation, global currency, and thanks to the development of the lighting network, it is becoming a medium of exchange. They are not the same or comparable.
Additionally, he named Warren Buffet, Jamie Dimon, Larry Fink, and the entire ESG (Environmental, Social, and Corporate Governance) as the archenemies of Bitcoin. These gentlemen and organizations have shared some hostile comments against the largest cryptocurrency which shows how out of touch and selfish they are.
📜 The Hagerty Bill
Among other topics discussed during the start of the conference were the Hagerty Bill — The aptly-named “Stablecoin Transparency Act” which would require issuers to report on their reserves. — The days of murky stablecoin reserves might soon be over.
Two U.S. lawmakers, Rep. Trey Hollingsworth (R-Indiana) and Sen. Bill Hagerty (R-Tenn.) introduced a bill in both the House of Representatives and Senate on Thursday aimed at bringing greater transparency to the stablecoin marketplace.
The aptly named “Stablecoin Transparency Act” would set standards for the “quality of assets held in reserves” as well as require stablecoin issuers to report on their reserves. If passed, the bill would significantly impact stablecoin issuers, including Circle and Tether, whose stablecoins’ backing has been the source of much speculation in the crypto industry. (coindesk)
🙌🏽 Cathy Wood, Michael Saylor, And Other takes.
Cathy shared that in today’s crypto landscape, politicians are coming to us to ask us what do Bitcoin and crypto enthusiasts need and how it could be facilitated, instead of that the other way around as it used to be. This is a life-changing approach never before seen. They also talked about how as elections in the United States and other nations approach, we will start hearing candidates use their cryptocurrency support to get votes while other politicians will demonize it. The future elections will largely be shaped by the state of cryptocurrencies and blockchain technology as vasts amounts of money and resources are being invested in these technologies.
Saylor mentioned that Bitcoin is the risk-off currency and that he is still bullish. (A joke of course)
Athletes such as Serena Williams, Aaron Rodgers, and Odell Beckham Jr. shared their reasons for taking their salary in crypto and why they think this is the future of money. Rogers mentioned that rampant inflation was his main motivator to take this salary in crypto and added that after having serious conversations with bitcoin enthusiasts, he realized that this is the future of money. Also added, “My financial advisor opposes investing in crypto.”
It will be very interesting to hear candidates globally use blockchains and crypto as weapons for their campaigns and see if this increases mass adoption and the comprehensive regulations needed.
👀 Under the Radar
- PolyPad (POLYPAD) — The mission is to break down the barriers to accessing novel early-stage blockchain projects building on promising DLTs providing a launchpad for new and upcoming projects on the polygon chain.
- Soluna (SLNA) — The gateway to Anchor interest-bearing assets on Solana. solUST earns interest from the Anchor Protocol on Terra. Rewards earned are distributed back to solUST holders on Solana. Soluna uses the Crate Protocol to distribute rewards. Over time, your balance of staked solUST will increase to reflect rewards earned.
- Moonbeam (GLMR) — Ethereum-compatible smart contract parachain on Polkadot. Moonbeam makes it easy to use popular Ethereum developer tools to build or redeploy Solidity projects in a Substrate-based environment.
- More than just an EVM implementation: it’s a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform extends the base Ethereum feature set with additional features such as on-chain governance, staking, and cross-chain integrations.
- ECash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It calls itself a “cryptocurrency that’s designed to be used as electronic cash.” ECash strictly aims to be a means of transaction used to pay for goods and services. The coin was rebranded on July 1, 2021, and has since tried to distinguish itself from its predecessor. The base units of eCash are called “bits” and replace the unwieldy decimal places of Bitcoin Cash ABC. Instead of sending 0.00001000 BTC, you would send 10 bits with eCash. ECash integrates a proof-of-stake (PoS) consensus layer called “Avalanche,” which is not to be mistaken for the blockchain Avalanche (AVAX). Upon rebranding, eCash announced that it would convert all BCHA coins to XEC at a ratio of one to one million.
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