'Fiat is immoral, bad money': 3 days in Miami with Bitcoin Faithful

Ron Paul gets a standing ovation from the unmasked Miami crowd on stage. Outside the air-conditioned Mana Wynwood Convention Center, thousands of Bitcoin worshipers are still lining up in the sweltering morning heat. "We don't have freedom," says the 85-year-old libertarian and former Texas congressman, "and I know people here are very aware of the principles of freedom!" People here can of course be in harmony with freedom. But it's hard to know how many came for politics and how many came to worship the last of the new money. By 2021, Bitcoin has become more pervasive than ever, and its enthusiastic fans have turned from Paul-esque libertarians and prototypical cypherpunks to almost anyone who can find a moral or financial motivation to adopt the non-government-backed currency. After the global pandemic prompted the Federal Reserve to pump more US dollars, more institutional investors dived into the story, and Elon Musk sent out a series of tweets, Bitcoin rallied to an all-time high above $63,000 in April. Since then, Bitcoin has lost half of its value. This drop can make a norm a bit of a stretch to invest in. God forbid, it can create some FUD (that's fear, uncertainty, and doubt). But not for those believers who see Bitcoin crashes as a welcome opportunity for BTFD (buy the damn bottom). More than 12,000 paid for tickets to the two-day conference ($1,500 for standard tickets, $19,795 for the "Whale Passes" that come with an extra networking day and a few VIP parties), and an estimated 50,000 people came to the city. weekend, conference ticket or not. It's the biggest in-person event Miami has hosted since the COVID-19 lockdown, and the biggest Bitcoin conference ever. I'm here to find out why they're here. Buying and holding digital currency and praising and pumping on Twitter and Reddit is one thing; to fly to Miami in the midst of a pandemic to spread your enthusiasm

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