With over 35,000 participants, 400 speakers, and 5,000 companies represented, this edition was the largest ever held. Historically focused on the ideals of decentralization, the conference is now a strategic event, combining economic interests and political ambitions.

The Washington show

Last year, Donald Trump promised to make the United States the "world's Bitcoin superpower." This year, it was his delegation that took center stage: his vice president, his sons, senators, and David Sacks, now the White House's "crypto czar."

J.D. Vance said that the US should use Bitcoin as an advantage in its rivalry with China: "If the Communist Republic of China turns away from Bitcoin, then maybe the US should take an interest in it."

The vice president also highlighted the strategic role of stablecoins, cryptocurrencies backed by the dollar whose value remains stable. "It will only help the US dollar," he said.

The two main players in the sector, Tether (USDT) and Circle (USDC), now have a combined market capitalization of $214bn. By placing their reserves in US Treasury bills, these stablecoins generate revenue while acting as quasi-permanent buyers of public debt. Tether has even become the world's largest holder of three-month US Treasury bills.

The speeches often took on an electoral tone, with phrases carefully crafted to appeal to the crypto community. J.D. Vance: "Perhaps the most important thing we've done for this community is that we reject regulators, we fired Gary Gensler, and we're going to fire everyone like him."

Senator Cynthia Lummis, a pro-crypto figure in Congress, announced that the strategic bitcoin reserve bill would soon be presented to the Senate.

As for the Trump sons, their intervention did not really include any concrete announcements, but rather repeated promises that bitcoin will soon be worth a fortune.

Meanwhile, David Sacks called on the Secretaries of the Treasury and Commerce to explore mechanisms for acquiring bitcoin for the government without impacting the budget.

A welcome policy shift

While the Biden administration was perceived as anti-crypto, the more bipartisan tone of this edition was welcomed by investors. Never before has the political presence been so visible.

Beyond the US: new international announcements

  • Pakistan has announced the creation of its first national bitcoin reserve, following in the footsteps of El Salvador a few editions ago.

  • Nigel Farage, a figure of the British far right, wants to reduce capital gains tax on crypto to 10% and proposes that the Bank of England hold bitcoin.

Record adoption, massive use

The event broke a record: over 8,000 bitcoin transactions in a few hours. The Venetian Hotel, one of the largest hotel-casinos in Las Vegas, was completely privatized, with all expenses paid in BTC.

Institutional adoption remained at the heart of the discussions. Bitcoin-backed ETFs took center stage, as did Michael Saylor, CEO of Strategy, who advises swapping fiat currencies, bonds, and tangible assets for bitcoin. His company now holds 580,955 bitcoins, or 2.76% of the maximum supply set at 21 million units.

Another notable announcement: GameStop has invested €513m in bitcoin for its cash reserves, marking its official entry into digital assets.

A powerful symbol: the return of Ross Ulbricht

Recently pardoned by Donald Trump, Ross Ulbricht, founder of Silk Road, made his first public appearance since his release. To a standing ovation, he called for unity within the community: "Those who oppose decentralization profit from our divisions. Let's stay united."

An increasingly influential political platform

In two years, the Bitcoin Conference has become a fully-fledged electoral platform, targeting the 50 million Americans who own crypto. With 47% of voters saying they include or want to include crypto assets in their portfolios, and 1 in 7 placing crypto policy among their top voting criteria, candidates have no choice but to take an interest.

While the concrete effects remain limited, the march toward the institutionalization of Bitcoin seems well and truly underway.