Bitcoin 2022: We’re Still So Early

An estimated 30,000 people attended this week’s Bitcoin 2022 conference in Miami, which is rapidly becoming a major global crypto-finance hub. Miami mayor Francis Suarez, who takes his salary in Bitcoin, kicked off the event by unveiling a giant cybernetic, laser-eyed bull statue modeled after the iconic Charging Bull installation that stands near the New York Stock Exchange (NYSE)—a not-so-subtle hint that the city wishes to brand itself as the “crypto Wall Street.”

It was a great pleasure seeing everyone from HIVE Blockchain Technologies, which helped sponsor the conference. I want to acknowledge their hard work in making HIVE among the most efficient, most profitable Bitcoin and Ether miners.

If there’s one theme that ran throughout the entire four-day event, it’s that we’re still so early. I believe that buying Bitcoin today is like investing in the internet back in 1995. There’s incredible upside potential, and for those who worry that Bitcoin is too expensive at $43,000, just wait another five to 10 years.

Like the Internet in 1995

Ask yourself this: Do you think Bitcoin adoption and ownership is going to go up over time, or down? At the moment, ownership is still relatively limited. In the U.S., for instance, only one in five people holds Bitcoin. But as its use cases become more obvious, and more people join the network, this figure should increase. This is what’s known as Metcalfe’s law.

Cryptocurrency ownership by country