Bitcoin 2024 Conference Day 2 Highlights: Saylor’s Vision and Lummis’s Remarks Take Center Stage in Nashville
Nashville, TN — Day two of the Bitcoin 2024 Nasville conference showcased high-profile addresses from both the technology and political arenas, reflecting the cryptocurrency’s growing influence across various sectors.
Michael Saylor, CEO of MicroStrategy, delivered a keynote that outlined an ambitious future for Bitcoin, projecting its potential to escalate in value significantly over the next two decades.
According to Saylor, Bitcoin, currently priced around $65,000 with a market capitalization of $1.3 trillion, represents a mere 0.1% of global wealth. He laid out scenarios where Bitcoin could soar to a market cap of $280 trillion by 2045, making up 7% of global wealth, should it achieve an annual growth rate of 29%.
Saylor even mentioned a bullish forecast where Bitcoin might be valued at $49 million per coin, capturing 22% of global wealth, contrasting sharply with his bear case prediction of $3 million per coin and 2% global wealth share.
Under Saylor’s guidance, MicroStrategy has amassed 226,331 Bitcoin tokens over the past four years, now valued at approximately $15 billion—80% higher than the purchase cost, showcasing the business’s deep commitment to Bitcoin.
No Strategic Reserve from Lummis
Senator Cynthia Lummis, alongside Senator Tim Scott, also took the stage, addressing the regulatory landscape and potential future legislative actions. Contrary to prior rumors, there was no announcement about establishing Bitcoin as a strategic reserve asset for the U.S. Instead, Lummis criticized the SEC’s approach to regulation and emphasized the Republican Party’s platform revisions to protect digital asset ownership.
The senators highlighted the critical role of Bitcoin mining in innovating within the energy sector and strengthening the U.S.’s energy infrastructure. Senator Tim Scott hinted at future initiatives like using Bitcoin to foster “opportunity zones” aimed at spurring development in underserved areas.
Robert Kennedy Jr. Goes Big
In a surprising twist, Presidential candidate Robert Kennedy Jr. made headlines by promising to designate Bitcoin as a strategic reserve asset of the U.S. should he be elected. Kennedy’s plan includes transferring about 200,000 BTC held by the government to the U.S. Treasury and directing daily purchases of Bitcoin to build a reserve of 4 million coins.
The conference also featured a virtual address by Edward Snowden who cautioned the crypto community about the political engagements over cryptocurrency. Without naming specific figures, Snowden advised attendees to remain independent in their judgment, emphasizing the importance of discerning self-interest in political promises.
As the Bitcoin 2024 conference progresses, the blend of visionary economics, spirited political discourse, and warnings from exiled experts sets a complex stage for the future of cryptocurrency.
Tomorrow is the big day, President Trump will take the stage. See you then.
DAY 1 Highlights
The driving force behind the creation of Bitcoin exchange-traded funds (ETFs) is client demand, according to Robert Mitchnick, head of digital assets at BlackRock. Speaking at the Bitcoin 2024 event in Nashville, Mitchnick noted that these funds are just beginning to gain momentum. “It’s early,” he explained to Bloomberg journalist James Seyffart.
BlackRock CEO Larry Fink, who was initially a skeptic of cryptocurrency when Mitchnick was hired in 2018, has since shifted his stance, recently referring to Bitcoin as “digital gold.”
Mitchnick credited Fink’s transformation to his thorough study of the space, acknowledging Fink’s financial and geopolitical expertise. Mitchnick emphasized that larger forces, including the institutional-grade infrastructure and the undeniable presence of crypto as an asset class and technology, played a role. The final push, he said, came from client demand.
The Rise of Crypto ETFs
Bitcoin ETFs have made a significant impact, with Seyffart highlighting their success as some of the most successful ETF launches in history. He estimated that the iShares Bitcoin Trust (IBIT) has contributed to 20-25% of BlackRock’s revenue flow this year, making it the firm’s second most successful offering after the S&P 500 ETF.
Mitchnick explained that the initial demand for the ETF came from direct investors, while BlackRock’s wealth advisory and institutional investors are still in the early stages of adoption. He noted that major wealth advisory platforms like Morgan Stanley, UBS, and Merrill Lynch have yet to offer Bitcoin ETFs on a solicited basis, a process that typically takes several years. However, Mitchnick believes that this year may see an acceleration in this trend. He estimated that BlackRock Registered Independent Advisers allocating funds to Bitcoin ETFs are currently allocating around 2-3%.
Robert Mitchnick on stage with James Seyffart. Source: X
Limited Interest Beyond Bitcoin and Ethereum
At the Bitcoin 2024 conference, Mitchnick stated that BlackRock sees “very little interest” among clients in cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH). He does not foresee a proliferation of crypto ETFs outside these two core assets. According to Mitchnick, client interest remains predominantly in Bitcoin, with some interest in Ethereum.
VanEck’s Bold Prediction – The $2.9 Million Bitcoin
In a related development, investment manager VanEck released a report predicting that Bitcoin could potentially reach a total market capitalization of $61 trillion, or approximately $2.9 million per coin, by 2050. This projection is based on the anticipated massive demand for Bitcoin as collateral for trade settlement and as a reserve asset for central banks.
The report suggests that Bitcoin could be used to settle 10% of global international trade and 5% of domestic trade by 2050, leading to central banks holding 2.5% of their assets in BTC. VanEck also projected that Bitcoin Layer-2 (L2) solutions could collectively be worth around $7.6 trillion, addressing scalability issues and facilitating widespread adoption.
Economic Shifts and Bitcoin’s Role
VanEck’s report highlighted that the rise of Bitcoin will be partly driven by a decline in the leading global economies, such as the United States, the European Union, and Japan, relative to global economic activity. It also pointed to a potential loss of confidence in these economies’ currencies due to unconstrained deficit spending, which could drive demand for Bitcoin as a neutral medium of exchange with immutable property rights and predictable monetary policy.
The diminishing use of the euro and Japanese yen in international settlements presents an opportunity for Bitcoin. The report noted that the euro’s share of cross-border payments has decreased from 22% in the mid-2000s to 14.5% today, while the yen’s share has declined from 6.2% to 5.4%.
Despite the potential, VanEck flagged challenges such as mining, scalability, and regulation as risks to Bitcoin’s continued adoption. The firm also noted that while gold remains a well-established global reserve asset, logistical, security, and financial integration issues pose hurdles to returning to a gold standard.
VanEck identified 16 high-potential Bitcoin L2 projects, including the Lightning Network and Stacks, but noted it is too early to declare winners among them.
Marathon Digital Holdings Buys 20,000 BTC, will HODL
Marathon Digital Holdings Inc. (MARA), one of the largest Bitcoin (BTC) miners, has announced the acquisition of $100 million worth of Bitcoint. The company will HODL, it said.
The company revealed on Thursday that it now holds over 20,000 BTC, valued at nearly $1.3 billion based on current prices, and intends to continue purchasing more Bitcoin, and to HODL it.
In a statement, Marathon’s CFO, Salman Khan, explained the decision, noting, “Bitcoin’s recent price decline, coupled with the strength of our balance sheet, afforded us an opportunity to add to our holdings. We look forward to continuing to leverage our technological expertise to support Bitcoin and distributed digital asset ecosystems.”
This strategic shift to a “HODL” approach—holding onto all mined Bitcoin—marks a significant change for Marathon. The company had previously adopted a strategy of selling mined Bitcoin to cover operating expenses, especially during the crypto winter when the market declined sharply. This move to liquidate assets was common among miners during the prolonged bear market. However, Marathon is now joining other miners who are returning to the strategy of retaining their Bitcoin holdings, a tactic that proved beneficial during previous bull markets.
Marathon’s Chairman and CEO, Fred Thiel, emphasized the company’s commitment to Bitcoin, stating on X, “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin. We believe Bitcoin is the world’s best treasury reserve asset and support the idea of sovereign wealth funds holding it. We encourage governments and corporations to all hold Bitcoin as a reserve asset.”