If you thought Bitcoin already had its moment – think again.
Recently, I attended LA Bitcoin Day, held at the upscale Casa Del Mar hotel in Santa Monica. The day-long event celebrates the “lifestyle, people, and businesses” building a “bright, orange future.”
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“It’s like so many things in life. You don’t have to know everything about it. You just have to believe in it and buy it and hold it because it’s the future of money,” said Damian Merlo, an attendee from Miami.
My key takeaway is that the conviction is strong.
“So I’m a hardcore bitcoiner. I think it’s amazing. I only save in Bitcoin. I don’t do stocks,” explained Lisa Hough, a speaker at the event with Eberly Energy Ventures.
She’s working with energy facilities to turn unused capacity into Bitcoin mining.
The event was organized by an app called Swan, which is focused on long-term investing in Bitcoin.
“It’s just the most fascinating thing that I think has happened,” said Cory Klippsten, Swan’s CEO.
Bitcoin was created in 2009 by an anonymous programmer under the name Satoshi Nakamoto.
“Now, that is something that was a genius marketing stroke by the creator of Bitcoin,” said Klippsten.
“Spoiler alert, Satoshi, who created Bitcoin, was the best diplomat in the whole world,” added Hough.
Part of the appeal of Bitcoin is its limited supply and no government, bank or group controls it.
The price has fluctuated over the years, but it’s currently hovering around $65,000 a coin.
“Now, very important, you can buy a piece of a Bitcoin. You don’t have to buy a whole thing,” Klippsten pointed out.
Bitcoin detractors criticize its volatility, environmental impact, illicit uses, lack of regulation, and scalability issues.
“Bitcoin is a strange animal. So I think that the primary question is just what people want to know what is it,” said Matthew Kratter, another speaker at the event.
He runs a popular YouTube channel called Bitcoin University.
“I think the most important thing to understand about Bitcoin is that it’s not a fad. It’s going to be here for hundreds, if not thousands of years, thanks to the way it was constructed,” said Kratter.
But for such a popular topic, Bitcoin remains shrouded in mystery.
“My wife kind of wanted me to come because she’s like, “This is a chance to interact with my people,” said Scott Klette, an attendee from Sartell, Minnesota.
Interestingly, many people I spoke with only believe in Bitcoin and not the other cryptocurrencies. Remember, it is always best to do your research and understand the risks before investing in anything – not just crypto.
