Bitcoin’s Rise To Prominence On Full Display At This Year’s Miami Conference

Once a year, Miami becomes a global mecca for Bitcoin enthusiasts and advocates when the city hosts the titular conference celebrating the largest digital asset by market value. With a $525 billion market cap, Bitcoin is currently the world’s 12th biggest asset, just behind Tesla ($550 billion) and ahead of Visa ($485 billion). As I told the audience during my keynote speech, it’s remarkable that Bitcoin has managed to do this, as it has no CEO, no marketing budget and no board of directors.

Although attendance was down this year compared to last—mostly because Bitcoin’s price is still off its record high of approximately $69,000, set in November 2021—there was nevertheless an impressive turnout of investors of all ages, industry leaders, policymakers and more.

It should tell you something about Bitcoin’s rise to mainstream prominence that this year’s conference boasts not one but two presidential candidates among its speakers (Robert Kennedy Jr. and Vivek Ramaswamy), a former presidential candidate (Tulsi Gabbard), a sitting U.S. senator (Cynthia Lummis of Wyoming) and a sitting U.S. representative (Patrick McHenry of North Carolina).

As you might expect, two of the most urgent topics of conversation at Bitcoin 2023 have been the U.S. banking crisis and the looming debt ceiling crisis. In both cases, Bitcoin has been held up as an asset that, like gold, could potentially help individuals and households shield their wealth in the event of a financial or economic meltdown.

But these are Bitcoin evangelists, so of course they would take this position, right? What about more general investors?

Here, too, Bitcoin comes away with very high marks. Bloomberg recently asked close to 640 investors which assets they would prefer if the U.S. hit the debt ceiling and defaulted on its obligations. Bitcoin was the number three asset on the list, with 7.8% of institutional investors and 11.3% of retail investors naming the digital currency. This was enough to put it ahead of traditional safe-haven currencies such as the dollar, Japanese yen and Swiss franc.

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