MIAMI (CBSMiami) – On Wednesday, crews put the finishing touches to the 2021 Bitcoin Convention, the world’s largest cryptocurrency conference to be held this weekend at the Mana Convention Center in Wynwood.
“We couldn’t be happier. Happier than the organizers of the Bitcoin 2021 Conference have chosen the city of Miami, ”said Miami Mayor Francis Suarez, who held an international virtual conference on cryptography on Wednesday morning.
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During the virtual conference, Mayor Suarez alluded to his 4-word tweet from months ago, which caught the attention of the crypto industry.
On camera, Suarez stood up, pointing to a t-shirt, “How can I help?” Suarez said, “In the past 6 months since this tweet, we have seen an unprecedented number of businesses, technologists and investors choosing to relocate to Miami.”
The Miami crypto conference is expected to attract 50,000 people.
The convention runs from Friday June 4 to June 6.
The conference places Miami firmly in the landscape as the new Silicon Valley.
“Miami is becoming the new capital of the capital. It is in the process of becoming an innovative hub. It’s fast becoming a premier city for venture capital and innovation, ”said Brock Pierce. “Many of the best and brightest in Silicon Valley and New York have moved their businesses here. ”
And Brock Pierce should know. He is the chairman of the Bitcoin Foundation which has “mined” its way through the world of crypto. Oh and by the way, he’s a billionaire.
“Mayor Suarez has done an incredible job saying ‘come here, Miami is the place.’ As a result, it has become the most important city in the United States,” said Pierce.
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Pierce says Miami embodies the reason startups and businesses move to Miami.
The quality of life is second to none. Taxes are great. But for many, bitcoin or cryptocurrency remains an enigma.
So what is it exactly?
Blake Harris, of cryptocurrency specialist Blake Harris Law, explains that it’s a globally recognized digital currency that can be transferred electronically – and no, it’s not like PayPal .
“PayPal is not a currency,” Harris said. PayPal is simply a transfer of fiat money, while bitcoin or athereum is its own type of currency.
Crypto is like gold, it can be invested. However, it cannot be manipulated or counterfeited and it is immune to inflation.
Harris said, “It’s considered an asset. It is taxed in the same way that any long or short term asset is taxed. If you hold it for less than a year, it is subject to short-term capital gains. If you hold it for more than a year, it is subject to long-term capital gains.
The currency has been used by terrorist groups such as Hamas, according to the Wall Street Journal.
Harris admits that as long as crypto is not regulated, it is a downfall for crypto.
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“It’s the beauty and the risk associated with it. It does not require approval from a bank. It does not require government approval. And so with that, the government and the banks don’t like what’s going to happen.