A little over a decade ago, Bitcoin was known to most as digital internet money and worth nothing more than a few pennies. The first known commercial Bitcoin transaction was when Laszlo Hanyecz exchanged 10,000 bitcoins for two Papa John’s pizzas, $41 at the time. Today, the exchange for those two pies would be over 400 million dollars.
Currently, Bitcoin is held by over 150 million people worldwide and is worth nearly a trillion dollars. Its presence is felt in every corner of the earth, and Bitcoin is a brand with no CEO, Board of Directors, or marketing department. If you haven’t been curious about Bitcoin by now, you have gone out of your way to ignore it.
I see Bitcoin as a mirror, with each of us trying to define Bitcoin through our framing of the world. If you are curious by nature, you will investigate it and perhaps fall down the rabbit hole. If you are skeptical, you will ignore it or reject it without giving it too much thought. Or maybe you don’t have the time because life gets in the way. That was me until recently, too busy working to provide it with any real thought, but with the pace of the changing world, I must pay attention.
There are millions of Bitcoiners worldwide, each with a different vision of what Bitcoin is and can be. Many of them converged in Miami for the Bitcoin 2022 Conference. They brought their stories, accomplishments, and vision for the future. All Bitcoiners share a very infectious optimism, believing that “number go up” and “To the moon!” is a certainty.
At times on stage were the “suits,” the influential people who run the country. You know who I am talking about, the Wall Street, DC type. They have accepted that it is too late to shut Bitcoin down as humans have adopted it faster than the internet. Since the suits can’t stop the runaway train, they want to try and jump in the driver’s seat. People with power tend to do that; they try to take control and set the narrative.
Their message – Bitcoin is an asset. Another game in the casino of financial instruments the world was built on. Just another asset to hoard like fine art, luxury watches, or penthouses around the world. If you think net worth matters now, imagine a world measured in Bitcoin. The way this crowd “keeps up with the Kardashians,” a massive Bitcoin stack will become the ultimate flex.
How do I know they want the narrative of Bitcoin as an asset? They keep telling me so. Multiple speakers referenced the United States Executive Order on crypto, an order with “Digital Assets” in the title. Some mentioned that in England, their central bank issued a report with recommendations for a regulatory framework around “Cryptoassets.”
Bitcoin 2022 kicked off with “Industry Day.” On the main stage, a fireside chat by two investors, followed by a presentation titled, Bitcoin: An Institutional Asset, set the tone for the conference. In the fireside chat, Mike Novogratz, who began his career with Goldman Sachs, was asked by Anthony “Pomp” Pompliano, what is the narrative of Bitcoin at this moment?
It is (Bitcoin) becoming part of a portfolio for institutions, and I think the narrative is not that we are going to replace the dollar with Bitcoin. It’s not that I am going to buy these fancy shoes in Bitcoin. It’s that I am going to take some of my wealth and preserve it and store it there as an asset.
Mike Novogratz, CEO of Galaxy Investment Partners
There’s that word again, asset. He added in the discussion that he was against El Salvador’s legal tender law because it went “against the ethos” of Bitcoin and predicted that FIAT backed stable coins will have a big part of the ecosystem for a long time.
Then there was Michael Saylor, co-founder of MicroStrategy, who offered us his Bitcoin definition. Saylor has recently become a Bitcoin evangelist and was introduced as a “Giga Chad” to the crowd’s ovation for his panel appearance on The Future Is Bright w/ Michael Saylor & Cathie Wood. In his presentation, he referred to Bitcoin as an asset multiple times, and he repeated the ethos of “buy and hold.”
In that wallet, you have BTC (Bitcoin) as a store of value (asset) and USD, or Euro, or CNY, or whatever as a medium of exchange (currency).
Michael Saylor, co-founder of MicroStrategy
Finally, Senator Lummis from Wyoming, the most pro-Bitcoin politician in the United States, is creating a “regulatory framework for digital assets, such as Bitcoin,” and placing the currency responsibility on the central bank, or in other words, the FED. During her Keynote, Lummis stated, “Bitcoin is a commodity (asset),” and explained the bill she introduced would include definitions for the industry.
We will go into dialogue, Senator Gillibrand and I, with your industry, so the self-regulating organizations will interface with the CFTC and the SEC to make this a robust regulatory framework…”
Senator Cynthia Lummis of Wyoming
The conference also gave a voice to “The Plebs,” a representation of the general populous, made up of developers, community leaders, meme creators, Podcasters, writers, Bitcoiners, and more. Each of them was given an opportunity to share their vision and understanding of Bitcoin. Many plebs also saw Bitcoin as an asset, but some see it as so much more.
For those that don’t know me, my name is Jack. I’m just a normal Bitcoiner, man; I really am.
Jack Mallers, CEO of Zap.
The most anticipated announcement of the conference belonged to Jack Mallers. At Bitcoin 2021, Mallers shocked the world by announcing that Bitcoin was adopted as a currency in El Salvador, so the expectations for an encore were high. Mallers didn’t disappoint as he announced a new integration for Bitcoin’s Lightning Network with three large payments providers, Shopify, NCR, and Blackhawk Network. Bitcoin will be accepted at McDonald’s, Walmart, Whole Foods, and many other major retailers with this integration.
We believe with Bitcoin as the monetary network, the financial system will be cheaper, faster, more innovative, and more inclusive.
Strike Mission Statement.
Some other Plebs see Bitcoin as a life raft or an emergency exit. There were stories of the truckers using Bitcoin in Canada to buy fuel and food when the government locked them out of banks. There were stories of the European War, with the Ukraine government receiving Bitcoin donations and Russian citizens turning to it to continue participating in the global economy. Some Plebs even see Bitcoin as a liberating tool for their people.
If you leave this panel with one thing about Palestine, I want you to replace in your mind the Free Palestine slogan with Bitcoin Palestine!
Fadi Elsalameen, Johns Hopkins School of Advanced International Studies
Even though the Plebs did not have a unified message in Miami, it’s clear that Bitcoin is not just an asset for them. The Plebs did not want to limit Bitcoin or its use cases on adoption.
As for me, I have my ideas about Bitcoin, and I refuse to let anyone define it. Bitcoin is a discovery for humanity, like fire or electricity. Humans will evolve with Bitcoin, just like our ancestors cooking skills progressed from campfire to stovetop. It will take us time to understand Bitcoin and maximize its benefits and power. I am excited to see the future.
For Bitcoin to reach its highest potential, I believe it needs to be in the hands of as many humans as possible. Bitcoin needs to be the totality of the world’s economic energy, and we should all participate. To achieve this, Bitcoin must be a currency, and there must be a circular Bitcoin economy. Anything short of this is a disservice to our advancement as a species.
What will Bitcoin mean for you? How will Bitcoin impact your life? How will it affect the world around you?
Ask questions. Be curious. Don’t let someone else define Bitcoin. Humanity is counting on you.