Once a year, the city of Miami becomes an important gathering place for Bitcoin enthusiasts and advocates. It hosts an annual conference dedicated to celebrating the most significant digital asset by market value.
With a market cap of $525 billion, bitcoin currently ranks as the 12th largest asset globally. It is positioned just behind Tesla ($550 billion) and ahead of Visa ($485 billion). During a keynote speech, the speaker emphasised the remarkable achievement of Bitcoin. Further, he highlighted that Bitcoin has achieved this without the presence of a CEO, marketing budget, or board of directors.
Kennedy and Ramaswamy make history – campaigns would accept donations in the form of Bitcoins
Furthermore, this year’s conference experienced a slight decrease in attendance compared to the previous year. The main reason for this was the price of Bitcoin being below its record high of approximately $69,000 set in November 2021.
However, it still drew an impressive crowd, including investors of various ages groups, industry leaders, policymakers, and more.
The increasing mainstream prominence of it is evident from the fact that this year’s conference features two presidential candidates as speakers. They are namely Robert Kennedy Jr. and Vivek Ramaswamy.
In addition, it also has 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). Notably, both Kennedy and Ramaswamy made history by announcing that their campaigns would accept donations in the form of Bitcoins.
Bitcoin to emerge as a protector in case of economic meltdown
During the Bitcoin 2023 conference, discussions revolved around two pressing topics. It was the U.S. banking crisis and the approaching debt ceiling crisis. Bitcoin was highlighted as an asset that, like gold, could serve as a means for individuals and households to protect their wealth in the event of a financial or economic meltdown.
The positive perception of Bitcoin extends beyond its dedicated supporters. A recent survey by Bloomberg asked people which assets they would prefer if the U.S. were to reach the debt ceiling and default on its obligations. Approximately 7.8% of institutional investors and 11.3% of retail investors selected Bitcoin.
This places it as the third preferred asset on the list. It lies ahead of traditional safe-haven currencies such as the dollar, Japanese yen, and Swiss franc.
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