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Bitcoin 2021: Industry leaders throw light on provides legitimacy to virtual currencies

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  • Bitcoin Conference saw speakers from all kinds of profession exuberate with the confidence of Bitcoin’s potential and disruptive nature 
  • From Winklevoss twins to the city’s mayor Francis Suarez, everyone raged about the benefits of Bitcoin and how it can improve day-to-day functions of human life 
  • There seems to be potential in regulation still as several countries have come down harshly on digital currencies while some explore it to give it a legal tender 

Cryptocurrencies add a risky flavour to portfolio investment across various types of investors. Fund managers allocate a specific part of the funds under the high-risk bracket of digital currencies that have seen a significant rise among retail investors. 

Bitcoin remains the most famous of all cryptocurrencies, and hence a Bitcoin Conference 2021 in Miami is the perfect way to propagate the importance of decentralized distributed ledger technology. Panellists across various professions converged to show their trust at the largest in-person Bitcoin conference ever held. 

Digital currencies are highly volatile as market sentiments, and speculative trading has dominated trends. However, it has the potential to integrate the marginalized unbanked and improve the financial ecosystem. 

Speakers glorify Bitcoin and its existence 

The conference has seen many cryptocurrency ATMs sprinkled around the Wynwood neighbourhood, which shows the extent and scale of digital currencies. Visitors paid digitally to hear esteemed guests like mayor Francis Suarez who plans to allow its residents to pay taxes in cryptocurrencies. Moreover, employees will soon be able to collect salaries in it, and organizations will be able to hold some in their balance sheets. 

Twin entrepreneurs Tyler and Cameron Winklevoss stated that Bitcoin is slated for a tenfold increase in this decade itself. They even suggested that investors will become millionaires in the longer run with holding patience as the key. 

Even Jack Dorsey from Twitter and Square exclaimed that he would’ve played a pivotal role at Bitcoin had it not been for his current executive roles. US Congressman Warren Davidson emphasized the importance of privacy of digital wallets and regulations that need to be in place to a certain extent.  

MicroStrategy CEO Michael Saylor has found immense potential in cryptocurrencies, especially Bitcoin, as they offer a secure and safe mode of payment. Ethereum network, on the other hand, has loads to offer in the form of financial products and NFTs.

Bitcoin’s acceptance 

A report has indicated that only 14% of Americans have purchased cryptocurrencies which is not quite huge for the $1 trillion markets, but people have started to note that there are alternatives. Bitcoin is undoubtedly at the core of mainstream acceptance and is revered a lot in the cryptocurrency community. 

The latest tweets from Elon Musk and the Chinese clampdown on mining and trading activities of cryptocurrencies eroded the substantial wealth of investors. Still, the Bitcoin Conference has put the swayback in the bullish trend. 

New entrants are galore in the market as they see potential to diversify their investments with a new asset class. Custody services in cryptocurrency will soon be provided by BNY Mellon, one of the oldest banks in the US.  

Benefits of the blockchain network 

Several top organizations are weighing their options to enter the blockchain space and make amends. Famous skateboarder Tony Hawks presented his skills at the conference as he was also a keynote speaker. He is a Bitcoin enthusiast and philanthropist who advocates the benefits of using cryptocurrency. 

El Salvador is on track to become the world’s first country to give legal tender status to Bitcoin. Millions of investors deem it fit to invest in Bitcoin as it provides better transparency and enhanced security. 

The decentralized function of cryptocurrencies was loved by all present at the conference. Several food chain companies, financial institutions have adopted Bitcoin and various cryptocurrencies within their business in some form or another.   

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