fbpx
Money

Lamborghinis, Long Lines Welcome Crypto Fans At ‘Blockchain Week’

A Lamborghini costs about 23 bitcoins, which might not seem like much, unless you owned the cryptocurrency in December, in which case you could have bought one of the $200,000 luxury cars for just 10 of them.

Such was the conversation at Consensus, a three-day crypto event happening in Midtown Manhattan this week. Lamborghinis lined the entrance for a publicity stunt on Monday, while people inside waited on long registration lines while discussing bitcoin prices and evangelizing blockchain, the technology that stands behind most digital currencies.

“This is like the Glastonbury of crypto,” said attendee Shane Brett, likening the event to a large music festival held in Britain.

A lucky few snatched invites to an afterparty featuring rapper Snoop Dogg, who is a fan of bitcoin. Crypto enthusiast Jack Dorsey, who is chief executive of Twitter Inc (TWTR.N) and Square Inc (SQ.N), will give a keynote presentation on Wednesday.

Event organizer CoinDesk estimated that 7,700 attendees paid between $1,300 and $3,000 per ticket, a much bigger crowd than the 2,700 entrepreneurs, investors and enthusiasts who went to Consensus last year.

“It’s packed; it’s amazing,” Frideric Prandecki, co-founder and CEO of Las Vegas-based Bob’s Repair, told Reuters at the event. His startup, which is building a blockchain-based website that lets users find handymen online, raised money by issuing its own cryptocurrency.

Like many others at the event, Prandecki was sanguine about the future for virtual currencies, which are essentially pieces of code not backed by any government or hard asset.

“This is just the beginning of a revolution,” he said.

The event comes after a chaotic year for cryptocurrencies.

Bitcoin’s price hit almost $20,000 in December, more than 10 times what it was worth only five months earlier. Since then it has plunged to roughly $8,700.

Even so, startups have raised millions of dollars from strangers online by issuing new types of cryptocurrencies with little evidence they can deliver on promises of reinventing industries through blockchain.

To some attendees, the event and excitement were reminiscent of pre-financial crisis Wall Street.

“When I started in hedge funds it was very specialized, then in 2005 it exploded,” said Brett, who runs a company called Gecko Governance, which advises the industry on compliance matters. “It kind of reminds of that period there when people were making tons of money. But it finished in 2008.”

This story originally appeared in Reuters. Image courtesy of Anna Irrera/Reuters.

Join The Discussion

Cannabis Becomes Legal In Canada
Cannabis Becomes Legal In Canada [Video]
Theresa May Faces Frantic 48 Hours To Save Brexit Plan
Theresa May Faces Frantic 48 Hours To Save Brexit Plan [Video]
How Much Damage Can Saudi Arabia Do To The Global Economy
How Much Damage Can Saudi Arabia Do To The Global Economy? [Video]
Russian Suspect In UK Poisoning Is Hero To His Home Village
Russian Suspect In UK Poisoning Is Hero To His Home Village [Video]
Over 100,000 ATMS Now Let You Buy Bitcoin With A Debit Card In The U.S.
Over 100,000 ATMS Now Let You Buy Bitcoin With A Debit Card In The U.S.
Crypto Exchange Giant Coinbase Opens Office In Ireland
Crypto Exchange Giant Coinbase Opens Office In Ireland
Thai Authorities Arrest Top Suspect In Multi-Million Dollar Bitcoin Fraud
Thai Authorities Arrest Top Suspect In Multi-Million Dollar Bitcoin Scam
Bitcoin Price Explodes To $7,500 And Here's Why
Bitcoin Price Explodes To $7,500 And Here’s Why
Make 6 Figures A Year With A Free Facebook Group
Make 6 Figures A Year With A Free Facebook Group
7 Great Tips For Going Live On Facebook, Instagram Or Twitter
7 Great Tips For Going Live On Facebook, Instagram Or Twitter
5 Types Of Social Media Content That Convert
5 Types Of Social Media Content That Convert
How, When And Why You Should Use Live Streaming
How, When And Why You Should Use Live Streaming? [Infographic]
11 Facebook Updates You Need To Know For 2019
11 Facebook Updates You Need To Know For 2019
Facebook Launches Updated Education Courses For Instagram Marketers
Facebook Launches Updated Education Courses For Instagram Marketers
Vertical Video Ads Are Coming To YouTube
Vertical Video Ads Are Coming To YouTube
5 Tips For Brands On How To Use Facebook's 'Brand Collabs Manager' Tool
5 Tips For Brands On How To Use Facebook’s ‘Brand Collabs Manager’ Tool
5 Benefits Of Teaching Young Children About Entrepreneurship
5 Benefits Of Teaching Young Children About Entrepreneurship
10 Brain Hacks To Optimize Your Memory And Mental Performance
10 Brain Hacks To Optimize Your Memory And Mental Performance [Video]
16 Mental Shifts
16 Mental Shifts For Living A Happier, Wealthier, More Successful Life
The Myth Of The Digital Nomad Lifestyle
The Myth Of The Digital Nomad Lifestyle
Cannabis Becomes Legal In Canada
Cannabis Becomes Legal In Canada [Video]
Theresa May Faces Frantic 48 Hours To Save Brexit Plan
Theresa May Faces Frantic 48 Hours To Save Brexit Plan [Video]
How Much Damage Can Saudi Arabia Do To The Global Economy
How Much Damage Can Saudi Arabia Do To The Global Economy? [Video]
Russian Suspect In UK Poisoning Is Hero To His Home Village
Russian Suspect In UK Poisoning Is Hero To His Home Village [Video]