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You will have no other cryptocurrency other than Bitcoin

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You will have no other cryptocurrency other than Bitcoin

There were two fun things outside the Miami Beach Convention Center where Bitcoin 2022 was held, the largest crypto conference in history, with around 25,000 tickets sold.

The first is a small tourist plane, which passed over our heads pulling a huge sign: “Start a DAO, save the world” (Found a DAO – decentralized autonomous organization, we’ll talk about it in one of the next posts – save the world). A niche message visible throughout Miami and, perhaps, a message in favor of businesses operating on blockchains as alternatives to Bitcoin.

The other is a Cuban bodega, a grocery store that has advertised itself with a surprisingly creative initiative: if you tip us in Bitcoin, we’ll give you breakfast. When faith is said. The same, unshakable, that the 25,000 have inside the conference, during which numerous agreements were announced and the big names in the sector spoke and speak.

An NFT on display at the Miami conference

Among the many, two announcements seem relevant to me: Robinhood, the “kids” app, is about to integrate the Lightning payment system, which allows you to pay anything with the mother of digital currencies in a few moments. And then Binance.US, the American branch of the Asian giant, was valued at 4.5 billion dollars and collected a 200 million seed round (in Italy the seed rounds are usually closer to 200 thousand ..).

Virtually all the big names in the sector took turns on the stages of the conference, but also a large battalion of startuppers grappling with the launch of new companies linked to Bitcoin. Impossible to follow everything. I would quote Michael Shaulov, the CEO of Fireblocks, the world leader in custody technology, who told how it is the result of over twenty years of experience of him in the cybersecurity sector. On stage, next to him, Ferdinando Ametrano, founder of CheckSyg, an Italian company that has developed its own Bitcoin custody technology.

Numerous panels focused on how to expand the industry and the market by involving the great world of classical finance. Recipe? More and more robust custody technologies, crypto solutions of an institutional nature, adequate language, regulation (where American players think that what is arriving in Europe is bad, as it reflects, in their opinion, the European culture that is less business-oriented than that of the stars and Stripes).

NFL superstar Odell Beckham Jr., the first American athlete to claim his entire (hefty) salary in Bitcoin, went straight to the point: “The Fed prints tons of dollars to fight inflation but everyone knows by now that against inflation there is only Bitcoin. When people pass this way then they never come back ”. Alongside her, Serena Williams has also declared herself a fan of crypto and Bitcoin in particular, appreciating her peculiarity.

While the president of El Salvador had to renounce his presence in Miami for reasons of internal public order, Peter Thiel, former founder of PayPal and a great advocate of Bitcoin, did not miss his presence on the main stage. With his direct and provocative style he began his speech by giving a $ 100 ticket to a random person sitting in the front row, adding “but how is it possible that people are still attracted to this piece of paper?” . He then went on to blame Warren Buffet and all the “financial gerontocracy” that doesn’t understand crypto. He then took sides against the politically correct rules of environmental sustainability used to fight Bitcoin, concluding that it represents the most “honest market in the world“.

The Mexican billionaire Ricardo Salinas, once very poor, highlighted what it means to live in a country with galloping inflation and how Bitcoin is the only cure against it as a store of value in the medium term: “when you buy a house you are not look at its value every ten minutes. You have to do the same thing with Bitcoin: buy, put away and have a look at it after ten years “. Michael Sailor, perhaps the most famous bitcoiner since he transformed his Micro Strategy into the company listed with the most Bitcoin in the world, has professed unshakable faith only and exclusively in the creature of Satoshi Nakamoto.

“We are like the internet in 1994, everything has yet to happen,” said Marcelo Claure, CEO of Softbank Group International and former CEO of telephone operator Sprint.

In all this, no contrary or doubtful voices have been heard. I had the clear perception that I had spent three days in some kind of fundamentalist religious event, rather than at a conference. No voice outside the chorus, neither on the stages, nor among the participants. No one who has even mentioned another cryptocurrency (with the exception of Peter Thiel, who has granted Ethereum a minimum of credibility and function), no one who has raised doubts. Unwavering and absolute faith. Like a convention in North Korea.

Here: is this what this industry needs to grow or, if we want, to mature?

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