The Bitcoin 2023 conference, held from May 18 to 20 in Miami Beach, Florida, attracted approximately 15,000 attendees — less than half of the previous year's 35,000. Organized by BTC Inc. and BTC Media, LLC, the event featured a range of high-profile speakers, including U.S. Democratic presidential candidate Robert F. Kennedy Jr. and MicroStrategy executive chairman Michael Saylor.
This year’s conference highlighted several critical themes shaping the Bitcoin ecosystem, including the rise of Bitcoin Ordinals, evolving regulatory landscapes for miners, and the expansion of Bitcoin-based payment solutions worldwide.
Insights from Industry Leaders
Michael Saylor on Bitcoin Ordinals and Miner Sustainability
During an interview at the event, MicroStrategy’s Michael Saylor discussed the growing interest in Bitcoin Ordinals — a protocol enabling data inscription directly onto individual satoshis. Saylor emphasized that Bitcoin miners need sustainable, long-term revenue models. He suggested that developing functional applications on Bitcoin, such as those leveraging Ordinals, could drive broader adoption among individuals, corporations, and governments.
Saylor also voiced strong opposition to altering the Bitcoin protocol to censor certain transaction types, stating that such changes would contradict the community’s core values.
Fred Pye on Institutional Adoption Trends
Fred Pye, CEO of Canadian digital asset management firm 3iQ, noted that while the initial "fear of missing out" (FOMO) around Bitcoin has subsided, institutional investors are now examining the asset class more seriously. According to Pye, many portfolio managers are shifting focus toward artificial intelligence, but crypto use cases — particularly Bitcoin — remain a major growth area for the coming years.
Political Engagement and Regulatory Outlook
Presidential Candidate Embraces Bitcoin Donations
Robert F. Kennedy Jr., a Democratic presidential candidate and nephew of former President John F. Kennedy, announced that his campaign would accept Bitcoin donations — a first in U.S. electoral history. Kennedy praised cryptocurrency as a “symbol of democracy and freedom” during his keynote. Recent polls indicate he holds around 14% support among Democratic primary voters, trailing significantly behind President Biden.
Senator Lummis Opposes Proposed Mining Tax
Republican Senator Cynthia Lummis, a known Bitcoin advocate, spoke out against the Biden administration’s proposal to impose a 30% excise tax on Bitcoin mining operations. She stated that the bill was unlikely to pass the House of Representatives, emphasizing the importance of keeping Bitcoin mining within the U.S.
Lummis also highlighted how Bitcoin mining can help stabilize electrical grids by adjusting energy consumption during peak and off-peak hours.
Jan Van Eck on Bitcoin ETF Delays
Jan Van Eck, CEO of investment firm VanEck, expressed skepticism about the near-term approval of a spot Bitcoin ETF in the United States. Regulatory agencies, including the SEC, have repeatedly rejected such proposals citing concerns over market manipulation. VanEck currently offers a Bitcoin futures-based ETF but has been unable to gain approval for a physically-backed product.
Mining and Infrastructure Developments
New Mining Rigs from WhatsMiner
WhatsMiner unveiled three new mining rigs at the conference:
- M53S++: Hash rate of 320 TH/s with an energy efficiency of 22 J/TH.
- M50S++: Air-cooled model offering 150 TH/s.
- M56S++: Designed for immersion cooling with a hash rate of 230 TH/s.
All three models target improved energy efficiency and operational flexibility amid rising global energy costs.
Marathon Digital Supports Core Developers
Marathon Digital, a major North American mining company, announced a partnership with Brink to raise up to $1 million in support of Bitcoin Core developers. Marathon pledged to match donations up to $500,000.
Indonesia Explores Bitcoin Mining
Ridwan Kamil, Governor of West Java, Indonesia, expressed interest in developing Bitcoin mining operations powered by renewable geothermal and hydroelectric energy. He noted that Indonesia is home to over 12 million cryptocurrency investors, 70% of whom favor Bitcoin.
Payments and Decentralized Technology
Strike Expands Global Payments Platform
Jack Mallers, CEO of Strike, revealed plans to expand the company’s Bitcoin Lightning Network-based payment app from the U.S. and El Salvador to over 65 new countries. The app enables cross-border payments and allows users to hold balances in both BTC and USDT. Strike previously raised $90 million in a funding round led by Ten31.
Jack Dorsey’s TBD Introduces Web5 Tools
TBD, a subsidiary of Block (headed by Twitter co-founder Jack Dorsey), launched a new open-source toolkit for Web5 — a vision for a decentralized internet built on Bitcoin. The toolkit includes:
- Decentralized Identifiers (DIDs)
- Verifiable Credentials (VCs) for legal attestations
- Decentralized Web Nodes (DWNs)
The goal is to help developers build applications that return data ownership to users.
IOVLabs Announces Rootstock Hackathon
IOVLabs announced a three-month hackathon and a $2.5 million grant program aimed at encouraging development on Rootstock, a Bitcoin sidechain focused on smart contracts and DeFi applications.
Criticism of Central Bank Digital Currencies
A former U.S. Congresswoman delivered a speech criticizing the potential rollout of a central bank digital currency (CBDC) in the United States. She argued that a CBDC would enable unprecedented government surveillance over financial transactions, posing a direct threat to financial privacy and freedom.
Frequently Asked Questions
What are Bitcoin Ordinals?
Bitcoin Ordinals are a protocol that allows users to inscribe data such as images, text, or code onto individual satoshis — the smallest unit of Bitcoin. This creates unique, non-fungible tokens directly on the Bitcoin blockchain.
Why is there opposition to a U.S. Bitcoin mining tax?
Critics argue that a proposed 30% tax on electricity used in Bitcoin mining would push mining operations overseas, weakening U.S. influence in the sector and reducing grid stability benefits that flexible mining operations can provide.
What is the status of a Bitcoin spot ETF in the U.S.?
As of mid-2023, the SEC has not approved any spot Bitcoin ETF applications, citing concerns about market manipulation and investor protection. Several firms, including VanEck, continue to seek approval.
How does Bitcoin mining help stabilize energy grids?
Bitcoin miners can modulate their energy consumption based on grid demand. They often reduce activity during peak hours and increase it when energy is abundant, helping to balance supply and demand.
Which countries is Strike expanding to?
Strike has announced plans to expand into over 65 countries across Latin America, Africa, and Eastern Europe, although specific country names have not yet been fully disclosed.
What is Web5?
Web5 is a decentralized internet platform being developed by TBD/Block. It aims to integrate Bitcoin-based decentralized identity and data storage systems to give users full control over their personal information.
For those interested in tracking how these trends develop, you can 👉 monitor real-time Bitcoin ecosystem updates through dedicated data platforms.
Note: This article is intended for informational purposes only and does not constitute financial or legal advice. Readers are encouraged to comply with all applicable laws and regulations within their jurisdiction.