A look back at the highlights from the Bitcoin 2022 conference in Miami

From April 6 to 9, 2022, the world’s largest Bitcoin conference “Bitcoin 2022” was held in Miami, USA, attracting more than 35,000 attendees, including many politicians, encryption companies, financial giants, and technical elites around the world. and tech industry celebrities. Over 400 financial companies and crypto businesses are sponsoring the conference, including Visa, Mastercard, Galaxy Digital, Paxos, and more.

A look back at the highlights from the Bitcoin 2022 conference in Miami

The content of this conference covers everything from how traditional financial systems, institutions and infrastructures integrate with Bitcoin, to a detailed exploration of mining, to introducing the regulatory pain points of the crypto industry, forecasting policies, guiding the compliance costs of crypto companies, and the crypto industry A macro conversation on how to develop in compliance.

At last year’s “Bitcoin 2021” conference, El Salvador’s President Bukele announced plans to make Bitcoin legal tender in his country, a news that instantly detonated the world; former Twitter CEO Jack Dorsey, Tesla CEO Elon Musk’s speech also added glory to the conference. All indications are that cryptocurrencies, once labeled as deviant, are slowly being accepted by the mainstream, or have attracted enough attention.

So what are the exciting moments of this year’s Bitcoin Conference?

Miami mayor unveils ‘Miami Bull’ statue

To mark the opening of the Bitcoin 2022 conference, Miami Mayor Francis Suarez unveiled a bull statue, an 11-foot-tall, 3,000-pound robotic bull that resembles a Wall Street bull and is meant to symbolize Miami’s ” Cryptocurrency Capital of the World”.

A look back at the highlights from the Bitcoin 2022 conference in Miami

Cash App: Users Can Now Invest Their Paychecks in Bitcoin

Miles Suter, head of Bitcoin products at Cash App, a mobile payment service operated by Block (formerly Square), announced at the conference that U.S. customers will be able to automatically invest some (or all) of their deposits in Bitcoin.

The feature, called Pay with Bitcoin, allows Cash App customers to automatically convert a portion of their deposits into Bitcoin using a Visa debit card already connected to the service, with the ability to reconfigure at any time.

A look back at the highlights from the Bitcoin 2022 conference in Miami

Earlier this year, Cash App announced the integration of the Bitcoin Lightning Network, designed to enable users to pay for services or goods with Bitcoin instantly and at low cost. In the near future, Cash App users in the United States (except New York State) will officially be able to use this feature.

Note: Lightning Network is a layer 2 network built on top of Bitcoin that enables faster, lower fee transactions.

Michael Saylor jokes about getting into Bitcoin

A look back at the highlights from the Bitcoin 2022 conference in Miami

MicroStrategy CEO Michael Saylor said in a fireside chat with ARK CEO Cathie Wood that Merrill Lynch, one of the world’s largest securities retailers and investment banks, laughed at him before he first invested in Bitcoin two years ago :

“They said, ‘Not only are we not going to sell it to you, but if we talk, we’re going to get fired,’ so I immediately wired $175 million to another bank.”

However, MicroStrategy currently holds more than 125,000 bitcoins worth about $6 billion, and sometimes he sees Merrill Lynch cryptocurrency research reports in his mailbox.

Saylor and Wood: The future of cryptocurrencies is bright because of regulation

A look back at the highlights from the Bitcoin 2022 conference in Miami

Both Saylor and Wood spoke optimistically about the future of cryptocurrencies. Notably, both Saylor and Wood have expressed support for the regulation surrounding cryptocurrencies in recent months, arguing that regulation will make the future of the crypto industry brighter.

In particular, Saylor noted, “I think the U.S. government’s attitude has taken a U-turn over the past year…with the Presidential Executive Order a few weeks ago, I think the President of the United States gave Bitcoin the green light.”

Wood agrees, saying that since she first started investing in bitcoin, political attitudes around bitcoin have fundamentally shifted, especially in the months after a Biden administration, “politicians come to me , wants me to gather a group of Bitcoin enthusiasts and learn from them.”

She contrasted U.S. Treasury Secretary Janet Yellen’s initial statement about cryptocurrencies, describing them as a money-laundering tool used by criminals, to the way they’ve been talked about recently, and while Yellen remains cautious, acknowledging that cryptocurrencies and blockchain The innovative advantages of the chain.

“Father of Smart Contracts”: Bitcoin represents the culmination of cryptography and privacy research

A look back at the highlights from the Bitcoin 2022 conference in Miami

Nick Szabo is a computer scientist and cryptography expert who first proposed the concept of “smart contracts” in 1996, and then designed a decentralized digital currency called Bit Gold in 1998. Not implemented, but widely known as “a direct precursor to Bitcoin’s architecture.”

At the Bitcoin 2022 conference, Szabo gave a speech and told attendees about the history of cryptography before the invention of Bitcoin:

Much of the cryptography work prior to the 1970s was largely carried out covertly by the military or spy agencies. This changed in the 1980s when Dr. David Chaum published papers on anonymous digital currencies and anonymous reputation systems.

From Chaum spawned the current cryptography movement, led by groups known as cypherpunks, pioneers in the field of applied cryptography, “cypherpunks want to free cryptography from government control and bring it to the masses. ,” Szabo said, adding that they represented private, non-governmental, non-politicized.

The cypherpunks had “forward thinking” and began to study how to protect people’s privacy and how to transfer communication and payment from the physical world to the digital world at that time when the technology was underdeveloped.

As such, he called Bitcoin “representing the culmination of decades of research in cryptography, freedom, and privacy.”

Mexico’s third richest man: 60% of my portfolio is in bitcoin and bitcoin-related stocks

A look back at the highlights from the Bitcoin 2022 conference in Miami

Ricardo Benjamn Salinas Pliego, founder and chairman of the Mexican company Grupo Salinas, is currently the third richest person in Mexico and the 158th richest person in the world as of April 8, according to Forbes, with a net worth of about $12.7 billion .

During a panel discussion, Salinas expressed his “resentment” towards fiat currencies because of his personal experience with hyperinflation in Mexico, and warned attendees that hyperinflation could also spread to the United States.

Additionally, Salinas explained why he hates bonds and mentions his liquid portfolio:

“I’m sure some of you are counting on your pensions and investing in bonds, which is very dangerous because things change all the time. I have a liquid portfolio and I own 60% of bitcoin and bitcoin related Stocks, then 40% of hard assets like oil, gas and gold.”

It is reported that Salinas first revealed on Twitter in November 2020 that he invested 10% of his liquid assets in Bitcoin.

Strike Announces New Partnership: Letting U.S. Merchants Accept Bitcoin via Lightning Network

Jack Mallers, CEO of crypto payments provider Strike, announced at the conference a new partnership with e-commerce giant Shopify, which aims to allow e-commerce merchants in the United States to receive payments from the world’s Bitcoin payments for users anywhere. Additionally, Strike has partnered with NCR, the world’s largest PoS provider, and payments company Blackhawk to help Strike and Shopify integrate merchants smoothly.

A look back at the highlights from the Bitcoin 2022 conference in Miami

It is worth mentioning that the service will use Bitcoin’s Lightning Network, and the Bitcoins received by merchants will be automatically converted into fiat currency. While technically the service is still settled in fiat currency, Bitcoin’s Lightning Network could make the service available to consumers anywhere in the world.

Robinhood’s Crypto Wallet Officially Launches, Integrating Bitcoin Lightning Network

Aparna Chennapragada, chief product officer of U.S. stock brokerage platform Robinhood, announced at the conference that more than 2 million customers who had previously joined the waiting list can now use the crypto wallet feature on the platform to send and receive cryptocurrencies. Additionally, Robinhood plans to bring the Bitcoin Lightning Network to its platform to speed up Bitcoin transactions.

Aparna said: “With the wallet, customers will have full access to their cryptocurrencies and can use cryptocurrencies to participate in the crypto ecosystem – for example by tipping on social media, buying NFTs, etc. Transactions with some other cryptocurrencies Depending on the platform, withdrawing cryptocurrency from Robinhood is free.” 

Before that, Robinhood users could only trade cryptocurrencies, which were kept by Robinhood, and users could not transfer cryptocurrencies out.

And as the platform’s most frequently purchased asset so far this year, Bitcoin, Robinhood will soon support Lightning Network: “Because these transactions happen ‘off-chain’, Lightning Network transactions can be reduced to seconds with transaction fees of just For just a few cents, this saves customers time and money.”

A look back at the highlights from the Bitcoin 2022 conference in Miami

Blockstream, Block to use Tesla equipment for solar mining

The environmental impact of Bitcoin mining has been controversial until last May, when Elon Musk took to Twitter to cancel buying a Tesla car with Bitcoin because of “high carbon emissions from Bitcoin mining,” a sentiment again Pushed to the forefront.

A month later, Blockstream, the world’s largest bitcoin infrastructure company, teamed up with financial services company Block (formerly Square) to verify whether a solar-powered bitcoin mining facility could be built to prove that bitcoin mining could use a “renewable” approach. energy”.

At the conference, the two companies announced that they will use Tesla solar photovoltaic arrays and Tesla Megapacks to power solar mining facilities. The Tesla Solar PV Array is Tesla’s photovoltaic solar panel, while the Tesla Megapack is a large rechargeable lithium-ion battery.

A look back at the highlights from the Bitcoin 2022 conference in Miami

Blockstream CEO Adam Back emphasized that he sees the project as a way to prove to the world that Bitcoin solves the energy crisis rather than creating it.

“Bitcoin…can act as a base load…it can actually make projects more profitable and bring greater power infrastructure to the world. Basically, bitcoin is supposed to be the financing model that drives the expansion of power infrastructure ”

Distributed charging project is shown for the first time

Bitcoin’s primary connection to energy is now expanding beyond typical mining use cases.

The Bitcoin 2022 booth showcased a Lightning Network project called Distributed Charge, developed by hardware engineer Andy Schroder to create hardware devices, open-source software and protocols that can be used anywhere in the world. Enables real-time energy pricing and instant payments between places, any device, making Bitcoin the local payment method for peer-to-peer energy markets.

A look back at the highlights from the Bitcoin 2022 conference in Miami

The project is currently using Tesla electric vehicles to try out the concept. It is reported that Schroder is using the Lightning Network to build a streaming payment system between nodes integrated into Tesla and nodes integrated into charging stations. With this system, Tesla owners can easily and privately trade energy without the need for a third-party platform.

These three countries are moving forward with Bitcoin adoption

At Bitcoin 2022, Blockstream’s former Chief Strategy Officer, Samson Mow, led three guests on stage to provide an update on their respective countries’ plans for Bitcoin adoption.

A look back at the highlights from the Bitcoin 2022 conference in Miami

1. While the Central Bank of Honduras clarified the rumors about Bitcoin as legal tender in the country a few weeks ago, Joel Bomgar, an official of Honduras’s “Island Development Hub” named Prspera, announced that it has recognized Bitcoin as legal tender in the region , “Prospera’s flexible regulatory framework enables residents, businesses, and governments to innovate in crypto and use Bitcoin.

2. Miguel Filipe Machado de Albuquerque, President of Portugal’s Madeira region, announced that investors in Madeira will not be subject to income tax when trading bitcoin, noting that a tax rate as low as 5% is offered to businesses. “I believe in the future, I believe in bitcoin,” but he did not specify that bitcoin is the legal tender in the region.

3. Finally, Mow invited Mexican Senator Indira Kempis to the stage to give an update on the country’s proposed cryptocurrency legislation. She noted that she will be focusing on the bill that would make Bitcoin legal tender, “within two months, I will be introducing bills to change fintech and currency laws. I look forward to sitting down with our president for coffee and discussing this The plan – Bitcoin as legal tender in Mexico.”

However, the Mexican government may not pass a crypto bill anytime soon. In October last year, Mexican President Andrs Manuel Lpez Obrador, when answering a reporter’s question about whether he would follow the example of “El Salvador’s use of Bitcoin as legal tender”, believed that Bitcoin and other cryptocurrencies still have the problem of tax evasion, so it is unlikely to follow El Salvador’s. pace.

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