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Miami hosts biggest bitcoin conference; why does it matter & what to expect?

FILE PHOTO: Some of the personalities expected at the event include Miami Mayor Francis Suarez and the Winklevoss twins (REUTERS)Premium
FILE PHOTO: Some of the personalities expected at the event include Miami Mayor Francis Suarez and the Winklevoss twins (REUTERS)

  • The event is happening amid a drastic fall in bitcoin prices after an equally stellar rally
  • The crypto asset hit its all-time high of $64,804.72 on 14 April, but later slumped to the $30,000 level on concerns over the environmental impact of its mining

The City of Miami in Florida, US, is hosting Bitcoin 2021, which is the biggest event ever organized based on the digital asset. Total attendance is expected to exceed 50,000 for the event, which will take place during 4-5 June, with Twitter founder Jack Dorsey and MicroStrategy chairman & CEO Michael Saylor as one of the headline speakers.

The conference this year was moved from Miami and the dates were pushed back a little to allow ample time for the second wave of covid-19 to pass and for vaccine rollout to take place.

The event is happening amid a drastic fall in bitcoin prices after an equally stellar rally. The crypto asset hit its all-time high of $64,804.72 on 14 April, but later slumped to the $30,000 level on concerns over the environmental impact of its mining and the regulatory crackdown in China.

At 36%, bitcoin posted its worst monthly fall since November 2018 for May. Also, the fall in May was the second-biggest since May 2013, as per data available with cryptocurrency tracker CoinGecko.

On Friday, bitcoin slumped more than 7% after Tesla chief Elon Musk tweeted broken heart emoji for the token. The result was a nearly 6% drop in the cryptocurrency to near the $36,000 level.

Some of the personalities expected at the event include Miami Mayor Francis Suarez and the Winklevoss twins — Cameron and Tyler Winklevoss — among others.

Dorsey will speak at a session titled ‘Banking The Unbanked’, while the Winklevoss twins’ session is titled ‘The Future that Bitcoin’.

The twin brothers are earlier investors in bitcoin, as they started investing in the world’s oldest cryptocurrency in 2012. As per Forbes, the net worth of the twins stood at $3 billion each as of 5 March 2021.

Dorsey, who is also the CEO of Square Cash app, earlier had announced that the company had purchased nearly $170 million worth of investment in bitcoin.

Interestingly, Miami mayor Suarez had earlier said the majority of bitcoin is mined outside of the U.S. using dirty energy and suggested that Miami could set up a bitcoin mining hub for national security reasons.

This year’s conference is also expected to be attended by some of the prominent policymakers. Cynthia Lummis, who is the junior senator from Wyoming, and the first female Senator ever elected to represent the Equality State will be in presence.

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