bitcoin (btc) has come a long way since a dark and esoteric white paper written by satoshi nakamoto was first published 13 years ago. The Bitcoin 2022 Conference, hosted by Bitcoin Magazine and sponsored by Cash App, was perhaps the largest single event for the BTC community as 30,000 attendees and exhibitors descended on Miami Beach, according to the Miami Herald.
cointelegraph sent a contingent of journalists to experience the bullishness of bitcoin 2022, a sentiment that was physically represented by a laser-eyed bull statue reminiscent of the charging bull on wall street in new york city. Along the way, they were able to interview billionaires, hedge fund managers, business leaders, and analysts on all things bitcoin. These were some of the highlights of the event.
Bitcoin’s role as a hedge against inflation is being tested as consumer prices continue to rise at the fastest rate in more than four decades. But according to Morgan Creek Capital founder Mark Yusko, the problem isn’t inflation per se, it’s currency devaluation.
“This is not inflation. This is a currency devaluation,” Yusko told Cointelegraph Business Editor Sam Bourgi in an exclusive interview, referring to the outcome of the Federal Reserve policy. Although one BTC will always equal one BTC, its value in dollar terms may become less relevant over time as monetary policy continues to erode the purchasing power of consumers and investors.
noah perlman, chief operating officer of gemini, echoed yusko’s sentiment, citing gemini’s report on the global state of cryptocurrencies in 2022. perlman told cointelegraph that citizens of countries with greatly undervalued currencies ” they need to have crypto,” whereas in the developed world, it’s often just “nice to have.”
After spending years talking about it, the digital asset industry has seen a surge of institutional adoption in the last 12 months. this is not only reflected in the large capital inflows into institutional crypto funds and the rise of bitcoin exchange-traded funds, but also in the green light of crypto investments from legacy financial institutions.
“mr. wonderful” Kevin O’leary explained last November that his cautious approach to investing in cryptocurrencies was due to his own compliance department telling him to back off. but that seems to have changed. now, legacy finance is seeking exposure to digital assets, and not just through crypto proxy actions.
In an interview with cointelegraph on bitcoin 2022, o’leary gave the example of how a sovereign pension fund would approach crypto investing. in terms of limitations, “it’s completely regulatory,” he said, meaning once those hurdles are cleared, the race can begin.
bitcoin mining and sustainability
the topics of many panels related to sustainability and environmental, social and governance (esg) standards as it relates to bitcoin mining. Cointelegraph spoke with Greg Beard, CEO of Stronghold Digital Mining, a power plant that uses coal waste to generate electricity that powers bitcoin mining supercomputers. he believes that the “huge benefits to society from bitcoin dwarf any concerns about emissions” and that powering the “world’s largest decentralized computing network” is not a risky endeavor.
When asked about renewable energy sources that power bitcoin miners, he said that while solar and wind power grids are inevitably going mainstream, they are the least reliable sources of energy and that he prefers renewable energy. nuclear energy. He added that in the United States, bitcoin mining could be considered a spinning reserve, essentially a backup battery, saving the country’s power grid during shortages and keeping prices low.
Related: Cash App Users Can Now Invest Their Paychecks In Bitcoin
macroeconomic analysis indicates btc price will rise
While many within the crypto community have tempered their expectations for the price of bitcoin, the long-term view remains overwhelmingly optimistic. Despite everything that is happening in the world, the bitcoin network continues to produce block after block. and freshly mined bitcoin is being gobbled up by whales like microstrategy, luna foundation guard, paypal and others.
mike mcglone, senior commodity strategist at bloomberg, explained to cointelegraph that bitcoin’s perfectly inelastic supply means that prices will rise in the future, assuming demand continues to grow. While McGlone did not rule out short-term price declines, especially in light of the uncertainty surrounding risky assets, he did explain that Bitcoin’s volatility is decreasing relative to stocks and commodities.
Lower correlations with traditional risk assets, declining volatility over time and rapid advancement in technology are leading to broader mainstream adoption of cryptocurrencies as an asset class, mcglone said.
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2022 marks the second year that the bitcoin conference has been held in miami, relocating from its original home to los angeles in 2021. this move has only further cemented miami’s transformation into a cryptocurrency hub, making it In addition to its more common designation as the financial center for Latin America.
As such, Cointelegraph made sure to speak with Sebastian Serrano, the co-founder and CEO of Ripio, one of the fastest growing crypto companies in Latin America, to offer his own wallet, an exchange, and an over-the-counter counter desk. According to Serrano, who has admitted to being a bitcoin maximalist, the bitcoin community may be “too conservative” when it comes to innovation. however, he strongly believes in bitcoin’s potential to become a standard in the global financial and corporate economy. Pointing out the differences between its consumers in different South American countries, he stated that Brazil currently leads the ownership and adoption of cryptocurrencies in Latin America.
with additional reporting by sam bourgi.