‘Largest Bitcoin event in history’ Bitcoin 2021 starts in Miami, and former congressman thinks BTC needs to be allowed to compete with US dollar

‘Largest Bitcoin event in history’ Bitcoin 2021 starts in Miami

The Bitcoin 2021 main conference day is starting today. Among its speakers are mayor Francis Suarez, Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor, and many others.

The conference will be one of the largest crypto gatherings to emerge following the COVID-19 pandemic, with organizers expecting more than 50,000 attendees. An unofficial part of the conference kicked off on Thursday with a “Whale Day” featuring Galaxy CEO Mike Novogratz and BitGO CEO Mike Belshe.

The event is positioned to be something “more like a music festival,” featuring multiple stages, including the main “Nakamoto Stage” as well as side stages like “Stacking Sats Stage” and “End Of Fiat Stage.”

Former congressman: BTC should be allowed to compete with the US dollar

Former Congressman Ron Paul is confident that BTC should be allowed to compete with the US dollar, otherwise bitcoin and gold should not be taxed as assets. The politician also noted that digital currencies should be allowed to compete with the dollar as a tool for settlements and payments.

Paul proposes to allow citizens to use any cryptocurrencies that have value to ensure they compete fairly with fiat. But the Fed is unlikely to relinquish its monopoly on dollar issuance because the government has always sought to control money.

The former congressman drew a parallel between bitcoin and gold. When selling these assets, traders and investors are required to pay income tax. But with the American dollar, this does not happen, which indicates the exclusivity of the currency.