If you look in LA, there [were] more people dying of COVID in LA than in Miami, and people haven’t been able to eat at restaurants in California for months.”
Bailey spoke with me from Nashville, Tennessee. “I can walk down the street at any restaurant I want,” he said. “People aren’t dying. It’s been eye opening to see how much politicization there is of topics that should be non-political.
He couldn’t imagine a better advertisement for Bitcoin than “to see the political stupidity of—even when there is a pandemic, and there actually is a health crisis going on—the complete lack of self-awareness or even interest in dealing with reality.”
If this is how officials act in a pandemic, he wonders what they’re doing with the peoples’ money.
The bear market won’t scuttle Bitcoin’s (BTC) adoption plans in the United Kingdom. From Oct. 21–22 this year, internationally recognized Bitcoin experts, authors and content creators will take part in the United Kingdom’s largest Bitcoin conference to date.
Organized by the Bitcoin Collective, a newly formed Bitcoin company, and in partnership with Bitcoin and crypto exchange OKX, the event takes place at the Assembly Rooms on Edinburgh’s George Street.
Jordan Walker, CEO of the Bitcoin Collective, told Cointelegraph, “the conference is solely Bitcoin related, as this is our focus as we aim to inform and educate the collective.” In the press release, Walker added:
However, it’s not about buying or investing in Bitcoin, that’s a whole different discussion.
We will only highlight the most interesting remarks that are almost certain to have a great impact on Bitcoin price and its implementation in the future.
Day 1 – Bitcoin Analysis and Predictions
Brian Estes, the CEO, and CIO of Off the Chain Capital, talked about the S-curve. The S-curve model is based on mathematical patterns, where it usually takes a business the same amount of time to go from 10% to 90% adoption, as it does from 0 to 10%. He estimates that, since 10% of US citizens owned Bitcoin in 2019, in 2029 around 90% of Americans will hold it.
His estimates are based on US data only, as the world numbers are a bit different – Bitcoin ownership is estimated at around 3.9% as of 2021.
Tom Lee had some very interesting thoughts to share.
According to Haider Rafique, chief marketing officer at OKX, the conference “is just what the Bitcoin industry in the UK needs—the community itself rising up to say this is what we’re about, and this is why you should care.”
As Walker makes clear in the Bitcoin Collective podcast, the conference should serve as a catalyst for Bitcoin adoption in Scotland, while it “aims to capture as many diverse participants as possible both on and off the stage.” Bitcoin Collective operations director Lucy-Rose Walker explained that “Bitcoin is for all, and does not differentiate between gender, race or religion.”
Scotland’s capital, affectionately known as “Auld Reekie” to locals, is Scotland’s second-largest city. With a population of almost 500,000, it makes it slightly smaller than Glasgow. But, it more than compensates in history, architecture and music.
Bitcoin price could breakout soon as analysts believe recent bearishness represents a brief period of profit-taking that is about to end. Miami is hosting the world’s largest crypto conference in 2022, fueling a bullish narrative among investors.
Bitcoin price on track to recover as Miami prepares for crypto conference
Francis Suarez, the Mayor of Miami, believes cryptocurrency has propelled the city into a technology hub.
Do you want these same people to control your monetary system? Are you out of your mind? It could not make the value of non-political math based money more clear than what’s happened with COVID policy around the world.”
Working with the City of Miami was a breath of fresh air for the Bitcoin Conference organizers. “They’ve been fantastic,” said Bailey. “It developed very quickly. The number one piece of feedback that we got on Bitcoin2019 is please do this conference outside of California. We wanted to have the conference in California, because it’s convenient for our the Chinese Bitcoin community.
We want to tie the Chinese Bitcoin community and the western community more tightly together.”
Ultimately, the organizers had to find solid footing somewhere. The mayor of Miami had been making a really hard push to make Miami the Bitcoin capital of the world.
When you look at the pros and cons of cryptocurrency, its volatility is probably the biggest advantage and disadvantage simultaneously. Tom Lee, however, hypothesizes that when the price stabilizes, Bitcoin (and other crypto) will attract more users and the price will go up.
Another speaker at the largest Bitcoin conference in history was Mike Novogratz, a crypto millionaire, and Bitcoin evangelist. He reiterated that Bitcoin will go up to half a million and then a million dollars in price.
That is, if the „stewards of US economy don’t screw it up“, as he put it. He expressed clear concerns that, should the dollar go into infinity, Bitcoin will follow and it will be the collapse of the Western world.
Mark Yusko, the founder, CIO, and managing director of Morgan Creek Capital Management, agrees with Mike Novogratz about the price of Bitcoin.
It’s causing us to shift a lot of our creative production plans for the conference, but it’s also given us a little bit more time and flexibility to work around, as well.”
Bailey says he is not sure if “conference” is the right word for Bitcoin2021. “It’s more like a festival,” he says. “Half-conference, half festival. We’re dealing with problems like how tall is the halfpipe going to be that Tony Hawk is going to skateboard on, how do we get a swimming pool on the back of a semi-truck, how much does it cost to fly in sumo wrestlers? This conference is going to be a spectacle.”
Bailey’s favorite part about Bitcoin is that it is the peoples’ money—“It’s the great equalizer.” This will be reflected in the conference. “We’re probably going to have fifty billionaires plus at this conference,” he said. “We’re going to have venture capitalists with anarchists.
We don’t care what your political views are, we don’t care what’s in your portfolio, and we don’t care what you do outside of this event,” said Bailey. “But, if you’re here, you’re here to learn about Bitcoin, you’re here to contribute to Bitcoin. It exposed a lot of people to a side of the ecosystem that they’ve never been exposed to before.”
Bailey sees the Bitcoin counterculture as a tool to evangelize the technology in a broader manner. “It’s very cool to see people who were altcoiners, and, after getting a taste of what Bitcoin is all about, dedicate themselves and their projects to Bitcoin,” he said. The conference was a big success, and will always have a special place in Bailey’s heart.
We could have been financially ruined. We would have done whatever we had to do to make it through, but that was a sticky situation.”
The Bitcoin Community proved incredibly generous. “We ended up offering all attendees full refunds, but we asked if they would rollover their ticket to a future date,” said Bailey. “95% of people rolled their tickets over on the sponsorship side. We were just totally transparent with our sponsors about what was going on.”
That’s a testament to how relevant the conference had become for a lot of people as the de facto Bitcoin cultural event, according to a very thankful Bailey. People wanted to see it happen.
But, California state officials had other plans.
At the risk of getting too controversial, Bailey lambasts the handling of COVID in California. “There has been so much propaganda,” he laments.