THE “world’s first Bitcoin music festival” and “Shark Tank” will be held at the 2022 Miami crypto conference starting TODAY, and the site of the convention features a “Charging Bull” to rival the famous Bull of Wall Street.
The music festival is called Sound Money Fest, and it will feature several artists, including Logic, Steve Aoki, and Run the Jewels. The festival will close out the conference on April 10.
The Bitcoin conference is being held at the Miami Beach Convention Center from April 6 to April 9, and on the first day, a techy version of Wall Street’s Charging Bull was unveiled and stole the show, tweets from the conference revealed.
More than 6,000 industry leaders, 80 different speakers, and more than 4,000 companies are set to take part in the event, according to the conference website.
The conference will also feature a “Comedy Hour,” starring Hannibal Buress.
Interestingly, on the event’s first day, the price of Bitcoin was down. Bitcoin saw a price change of -3.66 percent over the past 24 hours as of Wednesday morning and had a price of $44,941.97, according to Coinbase.
Read our Bitcoin 2022 live blog for the latest news and updates…
Man loses $1.6million in scam
A man says he lost his life savings in a scheme dubbed the “Pig Butchering Scam.”
The 52-year-old told Denver ABC affiliate KMGH-TV that he met a woman on a dating app who appeared to have similar interests to him.
The conversation turned to cryptocurrency, something he’d made about $70,000 on in a few years.
The man told the news outlet that the woman he fell for online convinced him to invest in a mobile and web app that seemed legitimate to the software engineer.
Crypto scams and dating apps
Some cryptocurrency scam operations have started using dating apps to reel in potential targets.
In some reports, scammers pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.
About 20 percent of the money lost through dating scams in the last year reportedly involved cryptocurrency.
$7.7billion lost to scammers in 2021
More than $7.7billion worth of cryptocurrency was stolen worldwide in 2021.
The revelation came in a report by blockchain data firm Chainalysis, which also found scams involving crypto are up 81 percent over last year.
Scams were the largest crypto-based crime with fewer individual scam victims in 2021 but a higher average loss per victim, Yahoo Money reported.
What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
Gear up at the conference store
A merchandise store is being featured as part of the Miami Bitcoin conference.
Attendees can purchase Bitcoin merch, including shirts, books, hats, and hardware wallets.
‘The Future of Financial Forecasting’
On Friday, April 8, four speakers will host a presentation called, “The Future of Financial Forecasting.”
It will take place at 1.05pm, at the Bitcoin conference in Miami.
Catching a glimpse
Take a look at what GA ticket holders are experiencing this week at the Bitcoin 2022 conference.
Is there a Bitcoin 2022 live stream?
There is a live stream for Bitcoin 2022 that people can watch if they can’t make it to Miami.
Bitcoin Magazine is running a live stream of the event on YouTube.
Is Serena Williams speaking at Bitcoin 2022?
Serena Williams is indeed scheduled to speak at the Bitcoin 2022 cryptocurrency event in Miami this year, according to the event’s speaker list.
‘The future of finance is in Miami’
Miama Mayor Francis Suarez unveiled the Bitcoin 2022 version of a Charging Bull at the convention on Wednesday and tweeted, “The future of finance is in Miami and the Capital of Capital now has its own bull.”
Who created the Bitcoin 2022 bull?
The CEO of Plantation, Florida-based TradeStation, John Bartleman spoke with Bloomberg and said of Miami, “It’s hard to deny this is an amazing opportunity for companies to come here and build out their project in crypto.”
It was his company that commissioned “an 11-foot (3-meter) robot-like statue of a bull meant to emulate Wall Street’s ‘Charging Bull,'” the outlet reported.
Miami Mayor Francis Suarez revealed the artwork Wednesday to the crypto-loving crowd as the conference kicked off in Miami Beach.
President Bukele’s possible announcement
At the Bitcoin 2021 conference last June, President Nayib Bukele of El Salvador announced his plans to make Bitcoin legal tender in his country, according to Coindesk.
He was expected to make an announcement this year as well, which the site noted was expected to include a progress report on El Salvador’s plans for the sale of $1 billion of Bitcoin bonds.
President Nayib Bukele calls off appearance
El Salvador President Nayib Bukele has cancelled his appearance at the Bitcoin 2022 conference in Miami.
A letter from Bukele, shared by the Bitcoin Conference Twitter account, cited “unforeseen circumstances in El Salvador which require his urgent attention.”
Bitcoin price soared in March
However, despite that prediction, the value of Bitcoin actually went up in March 2022.
Bitcoin prices soared after Russia said it could try to dodge current sanctions by selling oil and gas in cryptocurrency instead.
Its value shot up around five percent on March 27 after Putin’s energy chief Pavel Zavalny said it could be used by friendly countries.
Some experts think Bitcoin will ‘crash’ soon
In late December, some experts predicted Bitcoin would crash in 2022.
Carol Alexander, professor of finance at Sussex University, thought the value of Bitcoin could soon fall.
She previously told CNBC that Bitcoin will “probably crash” in 2022.
The professor warned last year: “If I were an investor now I would think about coming out of Bitcoin soon because its price will probably crash next year.”
She referred to Bitcoin as more of a “toy” than an investment.
Bitcoin price decreases
The price of Bitcoin decreased slightly more as the first day of Bitcoin 2022 continued.
According to Coinbase, Bitcoin was down -4.29 percent in the past 24 hours as of 3pm Wednesday, as compared to -3.66 percent that morning.
Comparing the bulls
The Charging Bull at the Bitcoin 2022 event is clearly stealing the show.
One Twitter user shared photos of the Bull with its more famous counterpart in New York City.
Is the US considering banning crypto?
The United States is not one of the countries looking to fully ban cryptocurrencies — at least not yet.
In fact, Federal Reserve chairman Jerome Powell previously said that there are no intentions of banning cryptocurrencies including Bitcoin.
So, for now, events like the Bitcoin 2022 conference can go off without a hitch.
Can governments ban cryptocurrency, continued
China’s government, for instance, claimed it was concerned that people were using digital assets for fraud and laundering and ended up banning crypto.
That country and its government have also expressed concerns over the impact on the environment, as well as the potential of the destabilization of the country’s financial system.
Can governments ban cryptocurrency?
Some countries have already fully banned cryptocurrencies, including places like Egypt, Iraq, China, and Qatar.
Some might think the reason cryptocurrencies are banned in some countries overseas is over volatility – but that’s not necessarily true.
A big issue is the scams users are susceptible to.
A Bitcoin volcano is on display at the conference, meant to be “a nod to El Salvador’s plans to build Bitcoin City at the base of a volcano,” CoinMarketCap reported.
Bitcoin still down
As the conference began on Wednesday, the value of Bitcoin was still down.
Coinbase reported the cryptocurrency is down -5.78 percent over the past week.
What is cryptocurrency mining?
Mining is a complex and energy-intensive process, which requires a lot of computer power and involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.
For each problem solved, one block of Bitcoins is processed.
In addition, the miner who is the first to solve the problem is rewarded with a new bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
How many bitcoins are there?
There are currently 19,004,362.5 total BTC in existence, according to Buy Bitcoin Worldwide.
And the total number of bitcoins left to be mined is 1,995,637.5.