The Bitcoin 2023 conference, held from May 18 to 20 in Miami Beach, Florida, brought together thought leaders, developers, investors, and policymakers to discuss the future of the world’s leading cryptocurrency. Despite a smaller turnout—approximately 15,000 attendees compared to 35,000 the previous year—the event remained a pivotal gathering for the global Bitcoin community. Organized by BTC Inc. and BTC Media, LLC, the summit spotlighted key developments in Ordinals, mining regulation, Bitcoin-based payments, and institutional adoption.
The Rise of Ordinals and Developer Innovation
One of the most discussed topics at the conference was the emergence of Bitcoin Ordinals—a protocol that allows users to inscribe data such as images, text, or code directly onto individual satoshis. This innovation has reignited interest in Bitcoin’s potential beyond simple value transfer.
Michael Saylor, CEO of MicroStrategy and a long-time Bitcoin advocate, shared in an interview that his team is actively researching Ordinals. He emphasized their potential to expand Bitcoin's utility in application development, stating that enabling developers to build on Bitcoin could drive broader adoption across individuals, enterprises, and governments.
“Altering Bitcoin to censor specific use cases goes against the core values of the community,” Saylor noted. “We must preserve its neutrality and openness.”
Saylor also stressed that miners should benefit sustainably over the long term, suggesting that layer-two innovations and application ecosystems could provide new revenue streams beyond block rewards and transaction fees.
👉 Discover how developers are unlocking Bitcoin’s full potential with new tools and protocols.
Institutional Interest Shifts Toward Real-World Use Cases
While retail excitement around Bitcoin may have cooled since the last bull run, institutional interest appears to be maturing. Fred Pye, CEO of Canadian digital asset manager 3iQ, observed that the era of FOMO (fear of missing out) has passed. Instead, he noted a shift toward pragmatic investment strategies.
“Now, portfolio managers are taking Bitcoin seriously—not just as a speculative asset but as part of a diversified digital strategy,” Pye said. He believes that institutional use cases, such as treasury reserves, cross-border settlements, and tokenized assets, will drive growth in the coming years.
This aligns with broader trends: companies like MicroStrategy continue to hold Bitcoin on their balance sheets, while financial firms explore regulated access through investment vehicles.
Political Momentum: Kennedy Embraces Bitcoin Donations
In a historic move, Robert F. Kennedy Jr., a Democratic presidential candidate and nephew of former U.S. President John F. Kennedy, announced at the conference that he would become the first U.S. presidential candidate to accept Bitcoin donations.
Calling cryptocurrency a “symbol of democracy and freedom,” Kennedy highlighted its role in empowering individuals against centralized financial control. Although trailing President Biden in Democratic primary support—garnering about 14% compared to Biden’s ~50%—his pro-Bitcoin stance resonates with tech-savvy voters and privacy advocates.
His campaign’s openness to digital currency donations marks a significant step toward mainstream political integration of Bitcoin.
Regulatory Challenges: ETFs and Taxation on the Radar
Regulatory clarity remains a major hurdle for wider adoption. Jan van Eck, CEO of asset management firm VanEck, expressed skepticism about the near-term approval of a Bitcoin spot ETF in the United States.
“Despite years of effort, the SEC continues to cite concerns over market manipulation and investor protection,” van Eck explained. While VanEck launched a futures-based Bitcoin ETF in 2021, its proposal for a physically backed ETF was rejected later that year.
Meanwhile, Senator Cynthia Lummis (R-WY), a vocal Bitcoin supporter, dismissed the Biden administration’s proposal to impose a 30% excise tax on Bitcoin miners as politically unviable.
“That won’t pass the House,” she stated confidently. She also defended Bitcoin mining as beneficial for grid stability, noting that miners can scale operations up or down based on energy demand—effectively acting as “flexible load” during off-peak hours.
Mining Innovation: New Hardware and Sustainable Practices
Hardware advancements were on full display at the conference. Bitmain rival WhatsMiner unveiled three new models:
- M53S++: Delivers 320 TH/s with a power efficiency of 22 J/T
- M50S++: Wind-cooled model offering 150 TH/s
- M56S++: Designed for immersion cooling with 230 TH/s output
All models boast an impressive energy efficiency ratio of 22 J/TH, signaling continued progress in sustainable mining technology.
North American mining giant Marathon Digital Holdings also made headlines by announcing a partnership with Brink, a nonprofit supporting Bitcoin Core development. The collaboration aims to raise up to $1 million for core contributors, with Marathon matching donations up to $500,000—highlighting growing corporate responsibility within the ecosystem.
Expanding Global Access: Strike’s International Push
Jack Mallers, CEO of Strike, revealed plans to expand its Bitcoin-powered payment app beyond the U.S. and El Salvador into more than 65 countries. The platform leverages the Lightning Network to enable instant, low-cost global transactions.
Users can hold balances in BTC or USDT and send cross-border payments seamlessly. With $90 million in funding led by Ten31, Strike is positioning itself as a key player in the future of decentralized finance and remittances.
This expansion underscores a growing trend: using Bitcoin not just as "digital gold" but as real-time money for everyday use.
👉 See how next-generation payment platforms are redefining global finance.
Web5 and Decentralized Identity: TBD’s Open-Source Toolkit
TBD, a subsidiary of Jack Dorsey’s Block (formerly Twitter), introduced a new open-source toolkit for its Web5 initiative at the conference. The project aims to create a decentralized web where users own their data and identities.
Key components include:
- Decentralized Identifiers (DIDs): Self-owned digital identities
- Verifiable Credentials (VCs): Secure proofs of identity, age, or asset ownership
- Decentralized Web Nodes (DWNs): Personal data storage hosted on decentralized networks
By building on Bitcoin’s security model, Web5 seeks to replace today’s centralized social and financial platforms with user-controlled alternatives.
Supporting Ecosystem Growth: Hackathons and Grants
Ecosystem development received a boost from IOVLabs, which announced a three-month hackathon and a $2.5 million grant program for early-stage developers on the Rootstock (RSK) sidechain. RSK enables smart contracts on Bitcoin, bridging functionality with security.
The initiative aims to accelerate innovation by lowering barriers for developers interested in building scalable dApps anchored to Bitcoin’s network.
Similarly, Indonesia’s West Java Governor Ridwan Kamil shared that the country is exploring geothermal-powered Bitcoin mining, leveraging renewable energy sources like hydro and geothermal power. With over 12 million crypto users—70% of whom prefer Bitcoin—Indonesia sees digital assets as part of its economic transformation strategy.
FAQ: Your Questions Answered
Q: What are Bitcoin Ordinals?
A: Ordinals allow data to be inscribed directly onto individual satoshis, enabling NFT-like content on the Bitcoin blockchain without requiring separate tokens or layers.
Q: Why are institutions showing renewed interest in Bitcoin?
A: As speculative hype fades, institutions are focusing on tangible use cases like treasury diversification, inflation hedging, and blockchain-based settlement systems.
Q: Is a U.S. Bitcoin spot ETF likely soon?
A: Experts like Jan van Eck remain cautious due to ongoing SEC concerns about market manipulation and custody—making approval unlikely in the short term.
Q: How does Bitcoin mining help stabilize energy grids?
A: Miners can adjust their energy consumption based on supply availability, absorbing excess renewable energy during low-demand periods and reducing load during peaks.
Q: Can I use Bitcoin for daily payments today?
A: Yes—platforms like Strike use the Lightning Network to enable fast, low-cost transactions across borders and currencies.
Q: What is Web5?
A: Web5 is an emerging vision for a decentralized internet where users control their identity and data using Bitcoin-based protocols and decentralized storage.
👉 Explore tools and platforms driving the next phase of decentralized innovation.
The Bitcoin 2023 conference demonstrated that while market cycles come and go, the foundational work continues—building applications, shaping policy, advancing technology, and expanding access. With growing political support, institutional scrutiny, and developer momentum, Bitcoin’s role in the future of finance and freedom has never been clearer.