What happens when you’re no longer the hot young cryptocurrency? That’s the question hanging over the Bitcoin 2022 conference in Miami this week. The mega-event for the original crypto coin’s biggest true believers is lacking a bit of the buzz and excitement that the outside world has come to expect from the blockchain universe. Maybe that’s due to a real lack of actual celebrities who want to come out and endorse the technology, but it could also be that Bitcoin, beyond its admittedly large market cap, has yet to really capture the zeitgeist the way other crypto projects have.
All over Miami Beach and the hip Wynwood neighborhood, crypto-themed pop-ups try to create some cohesive sense that the city is the home for the Bitcoin cultural movement, but it all feels a bit wonky. And that’s equally true for the conference, housed at a big convention center a few blocks from the water. There’s also a real sense of desperation for some kind of star power that can elevate Bitcoin from digital gold for the tencho-libertarian set to the true mainstream cultural movement it needs to be in order to actually catch on. The conference’s expo center features a big fake volcano and a mechanical bull (the latter of which offers a chance at winning one whole Bitcoin), but there’s not a ton to do beyond that.
Cryptocurrency exploded back into the mainstream in January 2021, hot off the heels of a similar, but different viral finance fad: meme stocks. But it wasn’t Bitcoin that was responsible for the 2021 crypto boom, it was Ethereum, the flashier alternative cryptocurrency that supports the majority of NFTs. Since then, Ethereum has continued to be the main driver of popular crypto culture. It’s what backs up the Bored Ape Yacht Club. It’s how decentralized autonomous organizations, or DAOs, organize, including the one that tried to buy a copy of the constitution late last year. When Jimmy Fallon and Paris Hilton are on TV talking about NFTs, they’re talking about Ethereum, not Bitcoin.
And so this cultural spotlight on Ethereum has left Bitcoin feeling a little stale. That’s led to a palpable void in Miami this week—one that conference organizer BTC Media and the various sponsors and vendors are hell-bent on filling with a bizarre mix of fairly prominent voices from the world of finance and random celebrities. The end result is an event that feels like a low-level comic convention that’s being held in the same event space as an economic forum. It’s confusing and disjointed: There are presentations on the Federal Reserve and economic theory, but also personal sovereignty and cancel culture.
Bitcoin 2022’s highest-profile guests include Jordan B. Peterson, the controversial right-wing psychologist; former presidential candidate Andrew Yang; Shark Tank‘s Kevin O’Leary; Paypal and Palantir co-founder Peter Thiel; a handful of well-known athletes; and, of course, a bevy of homegrown crypto influencers like entrepreneur Anthony Pompliano. (El Salvador’s crypto-loving president Nayib Bukelele was supposed to appear, but dropped out at the last minute.) The guest with the largest selfie line in the conference’s showroom on Thursday was Barstool Sports founder, Dave Portnoy, the controversial self-described “baron of Bitcoin,” whose pandemic-era trading livestreams made him a popular figure in the crypto world.
‘What role do influencers and icons play?’
Bitcoin may be a household name, but it’s still far off from replacing other currencies—a techno-utopian outcome that’s the stuff of crypto evangelists’ fantasies. This belief, that Bitcoin will one day usurp even the dollar, has almost religious undertones within the community. Yet for that to happen, Bitcoin still has to become a lot more mainstream. And the best way for it to do that, apparently, is to connect the currency to influencers and celebrities.
In fact, the issue of what influencers or celebrities can do for the Bitcoin community came up directly on Thursday morning, during a panel featuring Odell Beckham Jr., Serena Williams, Aaron Rodgers, and Cash App’s crypto product lead, Miles Suter. Beckham and Rodgers have both made headlines recently for taking their salaries in Bitcoin; Williams is heavily involved in the Bitcoin startup world.
