Bitcoin 2023 Recap: Mining Takes Center Stage, a Lucky Winner, and a Surprise Tune-In
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Bitcoin Miami 2023 Recap
Let’s recap the magic that was Bitcoin Miami 2023. Like an early summer blockbuster, but instead of CGI monsters, you’ve got real-world crypto giants sparring over the future of money!
Quality over quantity
Although last year there were approx. 35,000 attendees that were greeted with the giant, laser eyed bull, similar to a scene straight out of Wall Street, this year’s conference was smaller with only 15,000 attendees. However, the vibe this year seemed mightier when it came to innovative building and strong believers in the space. Bitcoin enthusiasts gathered to chew the fat on all things Bitcoin. The main takeaway? Bitcoin has graduated to full financial revolution status!
The Battle of Inflation Vs. Currency Devaluation
“Is Bitcoin the ultimate shield against inflation?” That’s the million(billion? trillion?)-dollar question. Morgan Creek Capital’s Mark Yusko made a compelling argument that what we’re witnessing isn’t so much inflation as currency devaluation.
Given the current economic climate, a ton of discussions revolved around whether or not Bitcoin can be the knight in shining armor saving us from the dragon of depreciating dollars. While there was no consensus on this, it’s pretty clear that Bitcoin is the front-runner with not a ton of other options in the running.
From Boardroom to Bitcoin: Institutional Adoption
Big finance is finally (actually this time) dipping its toes into crypto waters! Just ask Kevin O’Leary (aka “Mr. Wonderful”). Once a crypto skeptic, he’s now a big believer in digital assets. So are other financial bigwigs. Most notably Fidelity is quietly adding more and more crypto offerings for their customers.
Bitcoin Mining: An Eco-Friendly Revolution?
Ever thought about Bitcoin and sustainability in the same sentence? It’s happening! Greg Beard from Stronghold Digital Mining is backing Bitcoin’s eco-credentials. To him, the societal benefits of Bitcoin outweigh any emission concerns. There was lots of talk about the Digital Asset Mining Energy (DAME) proposal from The White House. Bitcoin mining, despite criticisms, can actually be a sustainable, eco-friendly option that takes advantage of stranded and unused energy and balances load demand. The proposed DAME excise tax is seen as unjust, as it would hold electricity buyers, such as bitcoin miners, responsible for the carbon emissions of the underlying generation, which should instead fall on the architects of the grid. The tax might result in increased emissions as miners might relocate to jurisdictions with dirtier energy profiles.
Bitcoin mining can help monetize the renewable buildout in the U.S. and assist in grid stabilization programs. Miners often consume cheap or negatively priced power when demand is low, helping utilities better monetize, and they turn off when power is expensive, giving power back to households during grid scarcity events. They can also support the buildout of new renewables, something that few other industries can do. The consensus was that the DAME tax may not only miss its stated objectives but also undermine the potential environmental benefits of Bitcoin mining.
Bitcoin’s Price: The Only Way Is Up?
Got doubts about Bitcoin’s price trajectory? Hold your horses! Mike McGlone from Bloomberg thinks that thanks to Bitcoin’s inelastic supply, its price is set to soar, assuming demand keeps up. Given our experience lending against Bitcoin since 2017, we can attest to the compounding growth in the demand to own Bitcoin and utilize it as loan collateral. No matter your viewpoint, bullish or bearish, Bitcoin has been the highest performing asset on a percentage basis in almost all recorded human history since its inception! Come check out why either viewpoint works for us to get a Bitcoin backed loan.
Miami: The New Crypto Hub
Move over, Silicon Valley! Miami’s become the new hotspot for Bitcoin enthusiasts. It’s the ‘Bitcoin Beach’, attracting the sharpest minds in crypto. Bitcoin Miami 2023 was the party everyone wanted an invite to. We’re already looking forward to 2024 in Nashville and hope to see more of you there!
A Word from Our Winner, Karl
Remember our $1000 Bitcoin giveaway? Well, we got the chance to sit down with our lucky winner, Karl. Spoiler alert – Karl’s a pretty cool guy who’s got a smart approach to his crypto game. Here’s what we chatted about.
When we told Karl he’d won, he was over the moon! In his words, “This is great news!” He even asked us to deposit the BTC right into his existing SALT Lending wallet. Savvy move!
Karl’s been officially part of the crypto space since 2020, but his interest was piqued way back in 2011. What got him excited about Bitcoin? “Its use as a money to help all citizens of Earth preserve their purchasing power.”
You may wonder how he plans to use his Bitcoin windfall. Well, Karl’s a HODLer, and he’s thinking ahead. His game plan? “HODL then use as collateral for a future loan.”
And here’s the part where things got deep. We asked Karl what being part of the Bitcoin journey meant to him. “My journey into bitcoin has and continues to be an eye-opening experience into money and the operation of our financial institutions. Once you see and understand bitcoin, you cannot unsee it. The game is rigged against all citizens save the few cantillionaires.”
For Karl, platforms like SALT are game-changers in the crypto ecosystem. They allow people to leverage their digital assets without selling them. Plus, he gives a shout-out to our StackWise rewards and unique stabilization system.
We wrapped up by discussing Bitcoin’s role. To Karl, Bitcoin exhibits all the functions of money – store of value, unit of account, and medium of exchange. It’s this belief that influences his lending and borrowing decisions. Bitcoin, for him, is a surefire way to preserve his purchasing power over the long haul.
So there you have it! A huge congrats again to Karl, and here’s to many more such inspiring conversations! Stay tuned!
Launching into the Podcast Universe
Speaking of conversations! We’re thrilled to announce the launch of our new podcast! We’ve got 8 interviews from Bitcoin 2023 already loaded up and ready to tickle your eardrums. Sign up below to join us as we chat with leading voices in the crypto world.
Bitcoin Miami 2023 was a whirlwind of knowledge, innovation, and crypto love. Here’s to all the bold thinkers and doers who are reshaping the financial landscape one block(chain) at a time!
Until next time, stay bullish, folks!
Happy HODLing,
SALT Lending
