Thousands Descend on Miami; El Salvador Makes Cryptocurrency History

Hello as always, and welcome to today’s edition of Overbit Insights.

Kicking off today’s edition of Overbit News is one of the biggest get-togethers in crypto – the Bitcoin Miami Conference.

For years, conferences, events and meetups dominated the cryptocurrency world. With a diverse community spread all across the globe, big get-togethers in the cryptocurrency space were a hallmark of the cryptocurrency space.

Of course, things took a turn once the Covid Pandemic took hold of the world and shut down almost every public event, cryptocurrency included.

That’s why this past week, cryptocurrency enthusiasts flocked to the city of Miami for the first in-person event since the pandemic started. After being cancelled the previous year, more than 10,000 people showed up for Bitcoin Miami this past weekend, making it the most significant Bitcoin event in the world.

And there was plenty to celebrate, too. FTX, one of the world’s largest up-and-coming exchanges in crypto, officially announced their decade-long deal for naming rights to the Miami Heat’s stadium. In addition, Jack Dorsey, Twitter and Square CEO, expanded on his bullishness for Bitcoin now and into the future, saying he would be working on Bitcoin if not for his existing companies.

The weekend was far too eventful, to sum up in a short article, but the takeaway seems clear: the pandemic didn’t slow down enthusiasm for crypto in the slightest, and if anything, seems to be ratcheting up even more.

Heading into our next story of the week, another critical piece of news came up of Miami this week – El Salvador becomes the first country in the world to legalize Bitcoin as legal tender.

While details about how the rollout will work are still scarce, CNBC has learned that El Salvador has assembled a team of bitcoin leaders to create a new financial ecosystem with Bitcoin as the foundation.

Back stated that he intends to contribute technologies such as liquid and satellite infrastructure to help El Salvador become a model for the rest of the world.

“We’re pleased to help El Salvador on its journey towards adoption of The Bitcoin Standard,” he said.

As you can see, infrastructure for the world to continue to accept Bitcoin is growing, and while current price action might not reflect it, there is a lot of progress made over the past few years.

Thanks as always for reading Overbit Insights – we hope you found it insightful. Catch us as always next week.

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