The conference Bitcoin 2021 Miami brought together the most influential personalities in the industry, who addressed different topics about Bitcoin, from the potential of cryptocurrency to the alternative financial system, the store of value and the driver of green energy in the world. Let's take a look.
Bitcoin 2021 Miami, known as the largest Bitcoin event in the history of cryptocurrencies, was packed with young audiences who demonstrate the interest that exists in Bitcoin and the digital world. The conference expected to gather around 50.000 attendees, 5 times more than initially expected by its organizers, including speakers and presenters, traders, bitcoiners, members of the crypto community and even Hollywood celebrities, who made an appearance to publicly announce their support for the greatest innovation of our times.
The event was attended by Michael saylor, Jack Dorsay, Nick Szabo, Ron Paul, Cynthia lummis, Brian brooks and to Paris Hilton, among many others, who were at the forefront of important debates and discussions About Bitcoin, the cryptocurrency largest in the industry, which has brought about significant changes in the current system and will continue to revolutionize every space in our society.
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Bitcoin: The best “money” in the world
Although Bitcoin is not yet recognized worldwide as a form of money, several specialists have classified the cryptocurrency as “money,” and not only that, but they have claimed that it is the “best money in the world.”
Nick Szabo, known as the precursor of Bitcoin, and who for many is the “true” Satoshi Nakamoto, explained that bitcoin was born as a cryptocurrency to solve “a series of fundamental historical problems” and several deficiencies present in the current system.
In his presentation, Szabo, a developer, cryptographer, lawyer and computer scientist, explained that the cryptocurrency is far superior to the dollar, to the rest of the fiat currencies and to precious metals. Due to its design and way of working, bitcoin solves the problems of security, the cost of transactions and, among many things, trust, which are 3 of the biggest problems of the system promoted by governments and central banks. The cryptocurrency introduced a completely decentralized and global system, where each person manages their own keys and their own money, allowing cross-border transactions with low cost, without intermediaries and without trust, explained Szabo.
For its part, Brian brooks, former U.S. Comptroller of the Currency, stated that those who have not worked at a major bank, “They have no idea how serious the problem is.”Brooks said that cryptocurrency has proven its worth over time and that opposing it would be going against the flow of innovation and development. “The future will be built on networks. That’s what Bitcoin is all about”, Brooks said during his participation.
Mark Yusko, American investor and founder of the Morgan Creek Capital management fund, declared that the dollar is “the biggest shitcoin of all”, which has been stealing everyone's wealth over the past year. Yusko's statements respond to the massive printing of money in recent times, where the Federal Reserve (FED) has created about 30% of the dollars currently in circulation.
Bitcoin Mining: A Fair Distribution of Power
Bitcoin mining is one of the activities in the crypto ecosystem that has received the most attacks in recent weeks. Governments such as those of China and Iran have spoken out strongly against this activity, accusing it of excessive and counterproductive energy consumption. However, the mayor of Miami Francis Suárez and the writer Preston Pysh They have good reasons to argue otherwise.
First, Suarez is confident in the boost that Bitcoin gives to the creation of new sources of clean and sustainable energy. The mayor of Miami aspires for his city, and the United States as a whole, to become a pioneer and leader in Bitcoin mining with clean energy. Regarding Miami, he said that the city will be “the world capital of Bitcoin, Blockchain and mining”.
For his part, Pysh believes that the mining system that Bitcoin implemented with the consensus algorithm PoW It is more important, and even better, than the PoS, because it guarantees true decentralization and a better distribution of wealth. Pysh points out that proof of work is much more efficient in preventing power from being concentrated in “a few hands.”
Opportunity for banking
Jack Dorsay, CEO of Twitter and Square and Jeff Booth, writer of the book “The Price of Tomorrow: Why Deflation is Key to an Abundant Future”, discussed the opportunities for inclusion that Bitcoin offers as an alternative financial system. Dorsey stressed that the cryptocurrency offers a powerful system for the banking of all people in the world and, especially, for those who find it extremely difficult to access traditional financial services.
Dorsey spoke about creating a new wallet cryptocurrency, which is built with open source and contributions from the crypto community itself, which will allow easy and intuitive access and use of Bitcoin.
On the other hand, Booth spoke about the transformation and profound changes that Bitcoin is causing in society, and that may go unnoticed by most, for the moment. The expert explained that the technological development that accompanies Bitcoin is causing a complete digital transformation, so that every day there will be many more people and companies that begin to perceive these changes and flock to the alternative and inclusive system that Bitcoin uses.
Alyse Killeen, CEO of Stillmark, was another speaker who talked about the Bitcoin financial system, decentralized and free, where people have the power of choice. Killeen highlighted the freedom of using Bitcoin, comparing it to the current traditional system, where people “are obliged to participate”, because governments and central banks leave them no other choice.
Bitcoin, the store of value for the future
Another of the topics of great debate during the Bitcoin 2021 Miami was the price of Bitcoin and its potential for appreciation over time.
The millions of users and companies that have adopted this cryptocurrency, and have converted their capital from fiat to bitcoins, trust in the cryptocurrency as a safe haven asset and reserve of value for the future. In the last 5 years, Bitcoin has gone from being worth around $500 in June 2016 to more than $36.000 as of the date of this publication. A growth of more than 7.500% in this time.
Bill Miller IV indicated in late January that Bitcoin was the best performing asset of the past 8 years, and based on this potential growth Olaf Carlson-Wee, founder of Polychain Capital, noted during his participation in the conference that within the next 4 years the unit price of BTC could reach up to one million dollars, while the American investor Tim Draper It is estimated that its value will reach $250.000 by the end of 2022 or beginning of 2023.
While the price of cryptocurrency as a store of value asset is important to the crypto community, other experts pointed out that what is most important, above the unit value, is to maintain the spirit of decentralization, freedom and inclusion of Bitcoin.
At press time, BTC is trading at a value of $35.600 per unit.
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Photo courtesy of El Nuevo Día
