THE “world’s first Bitcoin music festival” and “Shark Tank” will be held at the 2022 Miami crypto conference starting TODAY, and the site of the convention features a “Charging Bull” to rival the famous Bull of Wall Street.
The music festival is called Sound Money Fest, and it will feature several artists, including Logic, Steve Aoki, and Run the Jewels. The festival will close out the conference on April 10.
The Bitcoin conference is being held at the Miami Beach Convention Center from April 6 to April 9, and on the first day, a techy version of Wall Street’s Charging Bull was unveiled and stole the show, tweets from the conference revealed.
More than 6,000 industry leaders, 80 different speakers, and more than 4,000 companies are set to take part in the event, according to the conference website.
The conference will also feature a “Comedy Hour,” starring Hannibal Buress.
Interestingly, on the event’s first day, the price of Bitcoin was down. Bitcoin saw a price change of -3.66 percent over the past 24 hours as of Wednesday morning and had a price of $44,941.97, according to Coinbase.
Read our Bitcoin 2022 live blog for the latest news and updates…
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Is Serena Williams speaking at Bitcoin 2022?
Serena Williams is indeed scheduled to speak at the Bitcoin 2022 cryptocurrency event in Miami this year, according to the event’s speaker list.
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‘The future of finance is in Miami’
Miama Mayor Francis Suarez unveiled the Bitcoin 2022 version of a Charging Bull at the convention on Wednesday and tweeted, “The future of finance is in Miami and the Capital of Capital now has its own bull.”
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Who created the Bitcoin 2022 bull?
The CEO of Plantation, Florida-based TradeStation, John Bartleman spoke with Bloomberg and said of Miami, “It’s hard to deny this is an amazing opportunity for companies to come here and build out their project in crypto.”
It was his company that commissioned “an 11-foot (3-meter) robot-like statue of a bull meant to emulate Wall Street’s ‘Charging Bull,'” the outlet reported.
Miami Mayor Francis Suarez revealed the artwork Wednesday to the crypto-loving crowd as the conference kicked off in Miami Beach.
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President Bukele’s possible announcement
At the Bitcoin 2021 conference last June, President Nayib Bukele of El Salvador announced his plans to make Bitcoin legal tender in his country, according to Coindesk.
He was expected to make an announcement this year as well, which the site noted was expected to include a progress report on El Salvador’s plans for the sale of $1 billion of Bitcoin bonds.
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President Nayib Bukele calls off appearance
El Salvador President Nayib Bukele has cancelled his appearance at the Bitcoin 2022 conference in Miami.
A letter from Bukele, shared by the Bitcoin Conference Twitter account, cited “unforeseen circumstances in El Salvador which require his urgent attention.”
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Bitcoin price soared in March
However, despite that prediction, the value of Bitcoin actually went up in March 2022.
Bitcoin prices soared after Russia said it could try to dodge current sanctions by selling oil and gas in cryptocurrency instead.
Its value shot up around five percent on March 27 after Putin’s energy chief Pavel Zavalny said it could be used by friendly countries.
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Some experts think Bitcoin will ‘crash’ soon
In late December, some experts predicted Bitcoin would crash in 2022.
Carol Alexander, professor of finance at Sussex University, thought the value of Bitcoin could soon fall.
She previously told CNBC that Bitcoin will “probably crash” in 2022.
The professor warned last year: “If I were an investor now I would think about coming out of Bitcoin soon because its price will probably crash next year.”
She referred to Bitcoin as more of a “toy” than an investment.
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Bitcoin price decreases
The price of Bitcoin decreased slightly more as the first day of Bitcoin 2022 continued.
According to Coinbase, Bitcoin was down -4.29 percent in the past 24 hours as of 3pm Wednesday, as compared to -3.66 percent that morning.
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Comparing the bulls
The Charging Bull at the Bitcoin 2022 event is clearly stealing the show.
One Twitter user shared photos of the Bull with its more famous counterpart in New York City.
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Is the US considering banning crypto?
The United States is not one of the countries looking to fully ban cryptocurrencies — at least not yet.
In fact, Federal Reserve chairman Jerome Powell previously said that there are no intentions of banning cryptocurrencies including Bitcoin.
So, for now, events like the Bitcoin 2022 conference can go off without a hitch.
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Can governments ban cryptocurrency, continued
China’s government, for instance, claimed it was concerned that people were using digital assets for fraud and laundering and ended up banning crypto.
That country and its government have also expressed concerns over the impact on the environment, as well as the potential of the destabilization of the country’s financial system.
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Can governments ban cryptocurrency?
Some countries have already fully banned cryptocurrencies, including places like Egypt, Iraq, China, and Qatar.
Some might think the reason cryptocurrencies are banned in some countries overseas is over volatility – but that’s not necessarily true.
A big issue is the scams users are susceptible to.
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Bitcoin volcano
A Bitcoin volcano is on display at the conference, meant to be “a nod to El Salvador’s plans to build Bitcoin City at the base of a volcano,” CoinMarketCap reported.
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Bitcoin still down
As the conference began on Wednesday, the value of Bitcoin was still down.
Coinbase reported the cryptocurrency is down -5.78 percent over the past week.
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What is cryptocurrency mining?
Mining is a complex and energy-intensive process, which requires a lot of computer power and involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.
For each problem solved, one block of Bitcoins is processed.
In addition, the miner who is the first to solve the problem is rewarded with a new bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
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How many bitcoins are there?
There are currently 19,004,362.5 total BTC in existence, according to Buy Bitcoin Worldwide.
And the total number of bitcoins left to be mined is 1,995,637.5.
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The Miami Bull unveiled
At the conference on Wednesday, “The Miami Bull, a techy version of Wall Street’s Charging Bull, was unveiled at the Miami Beach Convention Center,” according to Amanda Rosa, a reporter, on Twitter.
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Industry Day
Wednesday is Industry Day at Bitcoin 2022.
“It’s time to make history,” the event tweeted this morning.
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What is Bitcoin?
Bitcoin is a virtual currency created in 2009 by an unknown computer user under the alias Satoshi Nakamoto.
Unlike physical currencies such as pounds, dollars or euros, which come in physical notes and coins, Bitcoin isn’t printed or minted.
Bitcoin tokens are a digital-only form of payment and are created by a computer code.
The value of Bitcoin is determined by how much people are willing to exchange it for and its price has fluctuated wildly since it was introduced.
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Student passes sold out
Student passes to Bitcoin 2022 have sold out, according to a tweet from the event’s Twitter account shared on Wednesday morning.
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Who will speak at the conference?
The extensive list of people who will speak at the conference includes:
- Yeonmi Park
- Nayib Bukele
- Peter Thiel
- Odell Beckham Jr
- Olaoluwa Osuntokun
- Jo Jorgensen
- Aaron Rodgers
- Francis Ngannou
- Senator Cynthia Lummus
And many more notable speakers.
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Play-to-earn gaming, part two
The new play-to-earn gaming model that rewards gamers with cryptocurrency for playing isn’t technically free.
Gamers could have to spend $1,000 or more in order to start earning in the Axie Infinity universe, according to Forbes.
The popular platform for play-to-earn gaming requires beginners to have three “Axies,” which are available for purchase on the game’s Marketplace Dashboard.
Participants can then earn cryptocurrency for selling potions, breeding rare Axies, and playing various games.
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What is play-to-earn gaming?
A unique model called play-to-earn gaming is driving non-fungible token (NFT) and cryptocurrency growth, Forbes reported.
Axie Infinity is the most popular platform for play-to-earn gaming at the moment.
It allows users to build a collection of “Axies” that players can use across its universe of games.
The company then uses Blockchain to reward players for gaming, according to Forbes.
Any digital assets earned by participants can be sold on the platform or traded outside Axie Infinity’s universe.
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The IRS on cryptocurrency in 2021 taxes
For 2022, 1040 US Individual Income Tax Return form has a question about cryptocurrency which states: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
Additionally, the IRS addresses questions on its FAQ page on digital currencies stating: “If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.”
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How to buy Bitcoin
There are digital currency exchanges such as FTX or Coinbase where Bitcoins can be bought and sold.
When setting up a Coinbase account fro example, it can be linked to your bank account or Paypal account to be able to make a deposit into a virtual wallet. After funding the virtual wallet, traditional currency can be exchanged for Bitcoin.
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