The Ultimate Bitcoin 2024 Recap

After a weekend of side events, networking, and speaking events from thought leaders and politicians, the Bitcoin Conference’s stint in Nashville has ended. Over 20,000 builders, developers, and enthusiasts converged on the Music City, and the event's consequences will shape Bitcoin for years to come. 

As the doors opened the first morning, attendees were greeted by a bustling conference floor teeming with cutting-edge Bitcoin companies showcasing their latest innovations. From hardware wallets to mining equipment that heated 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 warm hot tubs and the massive ‘Taproot Wizards’ inflatable wizard hat that acted as the meetup point for finding friends at the convention. Of all the projects, there were more Bitcoin Layer 2s than anything else, demonstrating the rapid growth and excitement surrounding the potential for DeFi in the Bitcoin ecosystem. There were so many that it became clear that the L2 sector is already highly overcrowded, and only a few of those projects will succeed.

Another exciting project from the Bitcoin ecosystem is Babylon, a restaking protocol that serves a purpose similar to EigenLayer but uses native Bitcoin. Given the market cap of BTC and its stability, Bitcoin could serve as a better collateral asset than Ethereum and steal some market share from Eigen. Their mainnet is expected to launch in late 2024.

On Friday, one of the most anticipated events was the keynote speech by Robert F. Kennedy Jr.. Kennedy, a presidential candidate known for his pro-Bitcoin stance, did not disappoint. He delivered a passionate address with an incredibly bold plan for the future of Bitcoin in the United States, promising that on Day 1 of his presidency, he would sign an executive order requiring the Federal Reserve to stockpile 4 million BTC over the next several years. He believes this would bring the price to “hundreds of trillions” of dollars and help the United States eliminate its debt crisis. He would also direct the IRS to make Bitcoin transactions unreportable and nontaxable, making it possible for anyone to invest and generate wealth without losing it to the government. Kennedy revealed that the several million dollars he won from a lawsuit against weed-killer creator Monsanto went towards a personal investment in Bitcoin, signaling his vested interest in the digital asset. 

Before Kennedy’s talk, the audience was treated to a thought-provoking presentation by NSA whistleblower Edward Snowden. Speaking remotely, he made a compelling case to vote for these politicians promoting crypto, but acknowledging that they have their own motives and may not be able to be trusted long-term.

Senators Tim Scott and Cynthia Lummis, who spoke earlier in the day, explained that “Bitcoin gives the average American a chance to make their own decisions … an essential part of achieving the American Dream.” If Trump wins, Scott will be the chairman of the Senate banking committee and guarantee that crypto legislation will pass through the committee and “set Bitcoin free here at home.” 

One of the most popular side events of the day was the Taproot Wizard’s Spellbinding Soiree on the rooftop of the Graduate Hotel. The company explained its vision for bringing the OP_CAT opcode to Bitcoin to allow for trustless bridging to zero knowledge rollups.

On Saturday, there was only one thing on everyone’s mind: the Trump keynote speech. Starting at 8 am, attendees lined up for the Secret Service and TSA to enter the Nakamoto stage to guarantee the opportunity to see the former president. The 8,000-person stage was filled by 11:30, and participants waited hours for the 2 pm but then delayed to the 3 pm presentation. 

During the delay, Twitter was abuzz with rumors about a special guest speaker coming to the conference, with many claiming that Elon Musk was making a surprise visit. Unfortunately, his visit never materialized, and it is unclear if he was late or never planned on coming. 

There was a lot of pertinent information in Trump’s speech, alongside much of his typical rhetoric surrounding his policies, criticisms of Kamala Harris and Joe Biden, and push for re-election. The most important information from his speech was the announcement that he would fire SEC Chair Gary Gensler on his first day in office and create a Bitcoin Strategic Reserve using the 200,000 BTC seized by the Department of Justice. All this information will be broken down in a subsequent article, so stay tuned and follow Bitpush for a full analysis!

To conclude the day's most important event, Senator Cynthia Lummis announced a more comprehensive plan for the Bitcoin reserve. This plan would include the Federal Reserve buying 800,000 more BTC over the next four years and holding it to pay off the national debt. This announcement is extremely significant, and whether or not it passes represents a pivotal moment in the history of Bitcoin.

Overall, Bitcoin 2024 was a fascinating look into a grassroots culture driving the future of finance. Though there was not as much innovation as one may find at an Ethereum or other DeFi conference, the emphasis on Bitcoin as a financial tool, digital gold, and remedy for the US debt crisis is a unique and compelling take on how Bitcoin can revolutionize the global financial system. 

By Lincoln Murr

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