Few innovations, many politicians - The ultimate review of Bitcoin Conference 2024

Summary: Bitcoin Conference's journey to Nashville ended this weekend as thought leaders and politicians attended the conference's side events, networking and speaking events. More than 20,000 blockchain builders, developers and enthusiasts gathered in the Music City for an event that will influence the development of Bitcoin in the next few years.

As the conference opened on the first morning, attendees were greeted by a bustling venue filled with cutting-edge Bitcoin companies showcasing their latest innovations. From hardware wallets to mining rigs that heat hot tubs, the exhibition hall was a testament to the rapid growth and diversification of the Bitcoin ecosystem.

Standout booths included a mining company that used the heat generated to heat hot tubs, and a giant "Taproot Wizards" inflatable wizard hat that served as a meeting point for friends at the conference. Of all the projects, Bitcoin Layer 2 projects had the largest share, indicating that the potential of DeFi in the Bitcoin ecosystem is growing rapidly. There are so many projects that it is clear that the L2 field is already very crowded and only a few projects will succeed.

Another exciting project in the Bitcoin ecosystem is Babylon, a re-staking protocol that serves a similar purpose to EigenLayer but uses native Bitcoin. Given Bitcoin’s market cap and the stability of its network, Bitcoin could be a better collateral asset than Ethereum and take some market share away from Eigen. Their mainnet is expected to launch by the end of 2024.

One of the most anticipated events on Friday was Robert Kennedy’s keynote speech. Kennedy, a presidential candidate known for his pro-Bitcoin stance, did not disappoint. He gave a passionate speech laying out bold plans for America’s future in Bitcoin. He promised that on his first day as president, he would sign an executive order requiring the Federal Reserve to reserve 4 million Bitcoins over the next few years. He believes this will push Bitcoin’s price to “hundreds of trillions of dollars” and help the United States eliminate its debt crisis. He will also instruct the IRS to waive reporting and tax obligations on Bitcoin transactions, allowing anyone to invest and create wealth without having it robbed by the government. Kennedy revealed that the $290 million he won in his lawsuit against herbicide manufacturer Monsanto has been used entirely to personally invest in Bitcoin, demonstrating his vested interest in the digital asset.

Prior to Kennedy’s speech, the audience also listened to a thought-provoking speech from NSA whistleblower Edward Snowden, who remotely made a compelling case for voting for politicians who promote cryptocurrency, but acknowledged that they have their own motivations and may not be trusted in the long term.

Senators Tim Scott and Cynthia Loomis, who spoke earlier in the day, explained that “Bitcoin gives everyday Americans the opportunity to make their own decisions…which is an important part of living the American dream.” If Trump wins, Scott will become chairman of the Senate Banking Committee and has pledged that cryptocurrency legislation will pass the committee and “allow Bitcoin to flow freely across the United States.”

One of the most popular side events of the day was the Taproot Wizard’s Spellbinding Soiree, held on the rooftop of the Graduate Hotel, where the company explained its vision for bringing OP_CAT opcodes to Bitcoin to enable trustless bridging and zero-knowledge rollups.

There was only one thing on everyone’s mind Saturday: Trump’s keynote. Beginning at 8 a.m., attendees lined up for Secret Service and TSA access to the Nakamoto Stage to guarantee a chance to see the former president. The 8,000-person arena was full by 11:30 a.m., and attendees waited hours for the 2 p.m. speech, which was later postponed to 3 p.m.

During the delay, Twitter was abuzz with rumors that a special guest speaker would be attending the conference, with many claiming that Elon Musk would be making a surprise visit to the conference. Unfortunately, he was not seen at the conference, and it is unclear whether he was late or had never planned to attend the conference.

There was a lot of relevant information in Trump’s speech, as well as many of his typical remarks about policy, criticisms of Harris and Biden, and his bid for reelection. The most important information in his speech was the announcement that he would fire SEC Chairman Gary Gensler on his first day in office and create a strategic reserve of Bitcoin using 200,000 Bitcoins seized by the Department of Justice. All of this information will be broken down in subsequent articles, so stay tuned for a comprehensive analysis of this from Bitpush!

As the most important event of the day, Senator Cynthia Loomis announced a more comprehensive Bitcoin reserve plan. The plan will include requiring the Federal Reserve to purchase and hold an additional 800,000 Bitcoins over the next four years for the sole purpose of repaying the national debt. This announcement is very important and represents a key moment in the history of Bitcoin, whether it passes or not.

Overall, Bitcoin 2024 was a fascinating look at the grassroots culture driving the future of finance. While not as rife with innovation as Ethereum or other DeFi conferences, the conference’s emphasis on Bitcoin as a financial instrument, digital gold, and a remedy to the U.S. debt crisis was a unique and compelling view of how Bitcoin could revolutionize the global financial system.