Miami BTC Conference: Bitcoin to be World Reserve Currency?
Amid optimism, and with Bitcoin Classic increasingly gaining supporters of the majority miners, developers, and businesses, The North American Bitcoin Conference kicked off on January 21, in Miami, Florida. The event served as a stage for the people and technologies that are transforming the world of payments. At the heart of it, Bitcoin and its blockchain technology are spearheading this far-reaching revolution.
Big Names in Miami
In effect, the brightest minds in the Bitcoin and FinTech industry flew from all over the world to meet, discuss and share their knowledge and experiences, as well as to display their new technologies. Names attracting lots of attraction include Bobby Lee, CEO and co-founder of BTCC; Patrick Byrne, CEO at Overstock and T0.com; and Diego Gutierrez Saldivar, Co-Founder at Rootstock.
On the first day of the conference, speakers focused on the virtues of the blockchain technology. Of course, the Bitcoin debate over the block size was leitmotif throughout the event.
Bitcoin Poised to Be the World Reserve Currency
The highlight of the conference was the revelation that Bitcoin is poised to be the reserve currency for fiat currencies, as thoroughly explained by Bobby Lee, CEO ofBTCC, the first Bitcoin exchange in China. As background information, Lee explained that money and currency are not the same. And, he reminded the audience that Bitcoin is the first successful digital currency ever; circulation is limited to 21 million, and, it is not centralized by anyone or anything. He also pointed out that Bitcoin is pseudo- anonymous, like cash.
Lee described why Bitcoin has all the perfect features of money. He drew attention to the fact that only gold and Bitcoin have these characteristics. And because of that, “Bitcoin can serve as reserve for digital currencies globally.” Lee added:
“Bitcoin’s blockchain can be the global anchor (proof-of-work chain) for all nationally created digital currencies.”
Lee also stirred the audience with excitement when he mentioned that the government of China has just announced its intention to explore and create a digital currency for China. Next, Lee posed the questions “Will it be the new digital Reserve Currency? Or, “will it need a Digital Reserve Currency like Bitcoin to back it?”