Bitcoin’s price has eroded since the spring of 2022. In a few weeks, the oldest cryptocurrency lost more than half of its value. Currently, the currency is trading around $20,000. Bitcoin is far from its all-time high of last year when the price approached $70,000.
The King Bitcoin Crash Punished The Entire Cryptocurrency Market And Coins not fungible. The billion dollar valuation has gone up in smoke. Millions of investors went bankrupt, scorched by extreme market volatility. Despite this bearish backdrop, the bitcoin advocate community has not disappeared. the ” bitcoiners », bitcoin holders, continue to work behind the scenes to improve protocol and democratize cryptocurrency.
Surfin Bitcoin, the great gathering of the crypto community
For example, the momentum of the crypto community is reflected in events. Bitcoin lawyers meet regularly at conferences or meetings. Among the most popular events in Europe are: Bitcoin Bitcoin.
Hosted in Biarritz, the event consists of three days of conferences focusing on the queen of cryptocurrencies. The show aims to introduce beginners to the world of Bitcoin while allowing experts to exchange and find each other. To this end, evenings of networking are still planned on the roof of the Biarritz casino.
We were lucky enough to participate in the third edition of Surfin Bitcoin, which took place from Thursday 25 to Saturday 27 August 2022. The conference was a great success, the organizer revealed during his closing speech. 2,000 people took part in the event, 200 more visitors than expected. It is the first time that the event has attracted so many people.
To attract newbies, the StackinSat teams set up a great Surf-to-Earn competition, referring to applications that allow you to earn cryptos by walking, such as StepN. To deserve satoshis (the smallest unit of Bitcoin), participants must demonstrate their surfing skills on a mechanical board. Whoever stays the longest without being ejected will win 1,000 euros in Bitcoin. A treasure hunt was also organized in the city of Biarritz, with the key of 10,000 euros in Bitcoin.
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Bitcoin, an answer to inflation
Asked about the course, Bitcoin’s most outspoken proponents admit that they don’t know how the price will evolve in the future, or when. In an interview with 01net.com, Jonathan Herscovici, organizer of Surfin Bitcoin and founder of StackinSat, a French start-up offering easy Bitcoin savings, said:
“Nobody can answer that question… it could be three months, six months, five years, nobody knows. Anyone who claims to know is a scammer. very easy “.
Finally, the price issue is of little concern to Bitcoin proponents. During a conference, Mike Peterson, founder of the famous Bitcoin Beach in El Salvador, does not hesitate to make sure: the course does not matter in the long-term.
“We focus on the utility of Bitcoin, not its price. We are mainly focusing on its usefulness in the countries that need it most, such as El Salvador.”explains the founder of StackinSat, who describes himself as a “maximalist”.
In the crypto universe, a maximalist is a die-hard bitcoin advocate. For them, it is the only cryptocurrency that has a stake. Many refer to other cryptos in the ecosystem as: ” shitcoins ».
Bitcoin solves problems such as: inflation monetary, underlines the founder of StackinSat. For many bitcoin, the queen of cryptocurrencies will eventually establish itself as a new safe haven, just like gold. Like gold, Bitcoin should help protect savings from the value erosion of fiat currencies, such as the euro or dollar.
As such, members of the crypto community have fun with the inflation of this currency. For example, they point the finger at the inflation of the euro, which is currently hitting record highs, or the hyperinflation affecting certain South American countries. The first night, a bitcoin distributed bolivar notes, the national currency of Venezuela, as a bookmark. The value of this national currency has collapsed since 2018. To buy everyday goods, such as milk or eggs, you now have to spend hundreds of Bolivar notes. This is why many Venezuelans have turned to the US dollar or cryptocurrencies.
The thorny issue of Bitcoin price
Under these circumstances, Bitcoin advocates believe that the price will inevitably rise again at some point. If some refuse to play the prophets, others predict: a further increase from 2024. Several investors expect Bitcoin to recover in value during the halve. This is the decrease in the rewards given to miners. At the end of this deflationary operation, the number of bitcoins will become scarce.
This theory is shared by several key players in the ecosystem, such as Du Jun, the co-founder of Huobi, an exchange platform. Last February he assured that the ” it won’t be until late 2024 or early 2025 that we can welcome the next bull market in Bitcoin.” More measured, the founder of StackinSat prefers to consider the price by taking a step back:
“In the long run, the price will rise. There is currently a correlation with the financial markets, but in the long run there will be a decor relationship. Our belief is that Bitcoin is useful as a new monetary standard in the long run.specifies Jonathan Herscovici, who expects volatility to remain in the coming years.
Despite the rapid decline in recent months, the community continues to believe in the Bitcoin project. As an investor present in Biarritz noted, ” people who understood bitcoin don’t disappear when you enter a bear market”. During a panel, Emilien Dutang, a popular trader on Twitter, also reminds us that most people who invest in Bitcoin, long term winners :
“There is little risk of losing everything by investing in the major cryptos, such as Bitcoin”.
Convinced that Bitcoin is here to stay, bitcoin mourn prejudice and lack of interest from the general public and political leaders for the subject. On stage, Sebastien Gouspillou, co-founder of Bigblock Datacenter, a bitcoin mining company, points out that ” Saying you are a bitcoin miner is not necessarily a good thing in society”.
Art as a tribute to Bitcoin
Several works of art paying tribute to Bitcoin were displayed in the hallways of the Biarritz casino. These creations, signed by various artists of the sector, mainly consisted of comic strips, a glass cube with the BTC logo engraved and a chest with a Bitcoin hologram.
Unsurprisingly, each work is accompanied by a non-fungible token (NFT) on Counterparty, a platform created on the Bitcoin blockchain.
Some works are sold at auction at the end of the event. For example, a comic strip, produced by the artist Lina Seiche, was sold for satoshis. No euros in the Surfin Bitcoin auction room. A boat trip was also auctioned. Decorated with a huge Bitcoin logo, the sailboat, named Sato Boat in tribute to the creator of the cryptocurrency, has a mining machine on board.