The Bitcoin 2024 conference opened in Nashville, Tennessee on July 25. The conference attracted widespread attention in the weeks before due to the addition of several well-known politicians to the Nashville event speaking lineup, including presidential candidates Donald Trump and Robert Kennedy Jr., as well as Michael Saylor, Cathie Wood, Senator Marsha Blackburn, Cynthia Lummis, etc.
The bitcoin fans who flocked to Nashville this year weren’t focused on the asset’s price. Instead, they were soaking up the bull market and networking with like-minded attendees.
For many, this year’s conference wasn’t their first. But a lot has changed since 14 months ago in Miami, when the price of Bitcoin was hovering around $28,000.
At the conference's main entrance, there was a sign reminding people of the conference's prohibitions, such as bringing in outside food and drink or e-cigarettes, but the "No Bears Allowed" warning was clear enough that it seemed to be warmly received by attendees from around the world.
Trump fever sweeps Nashville
Orange was the popular color in the venue, but this year's crypto conference attracted its fair share of attendees wearing red.
Trump's name was plastered on advertisements and souvenirs throughout the conference. Although Trump's keynote speech was still two days away, brightly colored baseball caps and accessories were everywhere in the venue.
Meanwhile, a so-called MAG-wag truck circled outside the venue, promoting a meme coin featuring Trump's vice presidential candidate, Sen. JD Vance (R-OH).
For blockchain-based prediction platform Polymarket, the political turmoil caused by this year’s election has boosted betting and user numbers. Near the front door of the venue, attendees could get free Polymarket merchandise, such as red hats with the platform’s name printed on them.
Highlights of speeches on the first day of the conference
Bitcoin and Lightning Network Still Have Significant Impact on Retail Banking
Christian Catalini, Chief Strategy Officer at Lightspark, and Joey Garcia, Director of Public Affairs, Policy and Regulation at Xapo Bank, explained how Bitcoin and the Lightning Network will continue to have a significant impact on the retail banking industry.
Catalini stressed that Bitcoin has been able to seamlessly allow users to transfer value “24/7, in over 200 countries” since its inception:
“There is only one asset, and that is Bitcoin. It has clear regulation and has access to deposits and withdrawals in almost every country in the world.”
BlackRock’s clients are mainly interested in BTC and ETH
In a conversation with Bloomberg's James Seyffart, Michael Mitchnick, BlackRock's head of digital assets, elaborated on BlackRock's move into the crypto space with a Bitcoin ETF and an Ethereum ETF in 2024.
“I would say that in terms of our clients today, their interest is primarily in Bitcoin. Of course, people are interested in Ethereum, but other than those two, there is almost no interest in other tokens right now.”
Mitchnick added that direct investors dominated demand when the ETF was launched. But BlackRock Wealth Advisory and institutional investors are still gathering momentum. Large wealth advisory platforms such as Morgan Stanley, UBS and Merrill Lynch do not yet offer a Bitcoin ETF, which means they will only offer an ETF at the request of their clients.
Michael Saylor: 2024 is the first year Bitcoin goes mainstream
Microstrategy founder Michael Saylor said in a live event that 2024 will be seen as "the first year of mainstream institutional adoption of Bitcoin." Saylor's company has owned more than 200,000 Bitcoins since announcing Bitcoin as its primary treasury reserve asset in August 2020.
Saylor said he keeps getting calls from CEOs of various public companies and institutions who are interested in Saylor's approach to investing in Bitcoin first.
Meanwhile, Saylor hinted that the presence of the two presidential candidates and other prominent U.S. senators could have a positive impact on Bitcoin.
“I think Bitcoin will have a good future no matter what. I really don’t think there will be a government in the future that won’t accept Bitcoin.”
The question is not whether future governments “support Bitcoin” but rather “how aggressively they will act” and “whether they will act quickly or more cautiously.”
Saylor said the industry experienced an inflection point in January 2024, with Bitcoin clearly becoming an institutional-grade digital asset.
“As Larry Fink (BlackRock CEO) said, Bitcoin will have a place in every portfolio. Bitcoin has huge appeal around the world. It’s something unique, and the world needs more of it.”
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