In this episode of Adam Talks, IRA Financial’s Adam Bergman Esq. discusses his experience at Bitcoin Miami 2021 and the interesting things he learned and a recap of his speaking engagement.
In this episode, Adam Bergman will give a Bitcoin conference recap and his feelings about how everything went and what the future holds. The bottom line is that Bitcoin is not going away. Some 25,000 people attended the conference, and it would have been a lot more if the price was lower. The Miami scene was in full effect with parties being hosted everywhere. Celebs and Bitcoin pioneers alike were all featured as speakers, including Floyd Mayweather, Jack Dorsey, Tony Hawk and the Winklevoss twins. The IRA Financial booth was hot as the team gave away around 800 t-shirts and 300 books.
Bitcoin Conference Recap
The overriding theme is that “cash is trash.” Twitter CEO Jack Dorsey mentioned that 39% of all US dollars were created in the last 12 months. Of course, this stems from the COVID-19 pandemic. And it’s not just the dollar that is looked upon as trash – it’s all currency. The conference had a dumpster full of Venezuelan currency, that they were just giving away. Most people ignored it as its value was nil. Dorsey added, “the Internet need a native currency.”
Galaxy Digital Founder and CEO Mike Novogratz added that he is “wildly optimistic” about institutional adoption of cryptocurrencies. Bitcoin’s biggest opponents suggest the energy needed to mine the coin is detrimental to the planet. In fact, when Elon Musk tweeted about this, the price of Bitcoin took a nose dive. However, the spirit was high at the conference. Most there were preaching about two tenets: BTD (buy the dip) and HODL (hold on for dear life). It was an exciting time for investors.
Adam Bergman Talks Bitcoin
The first thing Adam noticed about the conference is just the sheer size of it all. After 18+ months of pandemics, quarantines and social distancing, the Bitcoin conference was one of the first large gatherings in this post-COVID world. Bergman said it felt great to shake peoples’ hands again. The Bitcoin community is so warm and inviting… felt almost like a Grateful Dead concert! It was just a great sense of community and purpose.
He feels the reward outweighs the risk of Bitcoin. Obviously, you don’t want to risk it all. But, some exposure should be had by everyone. There is just an unbelievable possibility here for what Bitcoin can do, it’s just getting started. Don’t focus on the short term price; think about what the long term impact could be. Just like any new asset class, there is risk. Why miss out on something simply because you don’t understand it?
Of course, Mr. Bergman’s speech was highlighted by the power of tax-free investing of the popular crypto. Holding Bitcoin in an IRA or 401(k) plan is the best way to invest. No need to worry about capital gains every time you buy and sell your cryptos. Taxes are only due when you withdrawn from your retirement plan, or, not at all if you invest with a Roth!
El Salvador’s President Nayib Bukele declared Bitcoin to be “legal tender” in his country. “One Small Step for Bitcoin, One Giant Leap for Mankind.” A small country in Central American could just be the start. No one knows where cryptos will go in the near and distant future. However, exposing yourself to it may be a financial boon for you. Of course, the risk is there, so it’s important to speak with a financial planner to see where Bitcoin may fit into your investments.
Thanks for listening, and be sure to catch our next episode of Adam Talks. You can find them all on our SoundCloud page. Bitcoin to the moon!