What Happened: Bitcoin 2021, the largest crypto conference to date with over 50,000 expecte attendees, wasn’t the event most people anticipated.
Despite panel discussions from Square Inc SQ and Twitter CEO Jack Dorsey, pro boxer Floyd Mayweather and founders of Gemini crypto exchange Tyler and Cameron Winklevoss, the conference seems to have missed the expectations of many in the crypto community.
some videos I have seen online from bitcoin Miami have me a bit bearish, not gonna lie
— Benjamin Cowen (@intocryptoverse) June 5, 2021
If Miami hasn't convinced you how badly we all deserve a multi-year bear market then nothing will
— Mike McDonald (@MikeMcDonald89) June 5, 2021
Qualifications to speak at #BitcoinMiami:
— John W. Rich (Fake Tech Exec) (@Cokedupoptions) June 5, 2021
-100k followers
-Laser eye profile pic
-
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Why It Matters: Most cryptocurrency advocates believed that, barring a few exceptions, those who spoke at the conference were not the best suited to represent the Bitcoin community.
American broadcaster Max Keiser, who shared the stage with MicroStrategy Inc MSTR CEO Michael Saylor, ended the discussion by shouting “we’re not selling” and screaming expletives directed at Tesla Inc TSLA CEO Elon Musk.
Keiser’s theatrics were not well received by many in the crypto community, who took to Twitter to express their disappointment.
Is it possible that the #bitcoin conference was so toxic and so cringe that the price action of the El Salvador news was basically net zero change?
— ManBearCrypto (@Man_Bear_Crypto) June 6, 2021
50,000 attendance at the $BTC conference.
6.4 million population of El Salvador.
Let that sink in.
“The negative reaction to some of the more over the top speakers also shows that the space has transitioned from early phase to a more mature adoption phase where individuals create less marginal positive impact and may even have negative impact,” said Global Macro investor Raoul Pal on Twitter.
Still, market sentiment was at an all-time low, according to crypto investment firm Autism Capital who noted the drop in sentiment took place “especially after Bitcoin Miami.”
Bitcoin was trading at $34,101 at the time of writing.
The leading digital asset accounted for 40% of the crypto market with a daily trading volume of over $29 billion, according to CoinMarketCap.
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