WASHINGTON, DC - MAY 03: Cameron Winklevoss and Tyler Winklevoss attend the 100th Annual White ... [+]
The recent CheatCode Conference in Bedford aimed to educate attendees on bitcoin's role as a transformative tool in business, finance and technology. Peter McCormack, organizer and owner of Real Bedford, capped off the conference with an announcement of a $4.5 million investment by the Winklevoss Twins, showing bitcoin's practical impact on local economies. This investment, which makes them co-owners of the club, is aimed at boosting Real Bedford’s facilities and supporting community development projects.
The event explored bitcoin as a "Cheat Code'' that can provide businesses with a competitive edge and improve economic independence. It offered practical insights on how integrating bitcoin could tap into additional customer bases and showed how it could revolutionise grassroots levels of society, particularly in areas needing economic rejuvenation like Bedford.
American HODL, a key speaker, outlined bitcoin's disruptive potential, saying, "Money touches everything. Those who think in bitcoin terms tend to outcompete." He went on to explain that this power of bitcoin to outcompete traditional financial systems shows why bitcoin can be thought of as a 'Cheat Code'. It bypasses conventional barriers and creates new opportunities.
This perspective reinforced the theme of achieving a competitive advantage without relying on third-party systems. Other talks focused on independence from third-party risks, as noted by Preston Pysh: "You only have counterparty risk if you rely on a third party."
Decentralization was a central theme, discussed for its role in bitcoin's utility beyond an investment tool. Calle, a bitcoin developer, pointed out, "Bitcoin’s intended use is permissionless money. We don’t need permission to interact with each other." He mentioned the ongoing efforts to reclaim privacy and the plan to restore features that have been compromised in order to maintain decentralization.
Bradley Rettler provided a philosophical angle on bitcoin’s evolution, and discussed the slow recognition of its potential to function outside government control, he said "It took a while to see that money could exist outside of government." Rettler’s observation demonstrated the growing global acceptance of bitcoin as a viable alternative to traditional financial systems.
During the 'CheatCode For Business' talk, Christopher Gordon from Bridge2Bitcoin talked of bitcoin's role in accessing new customer bases: "The pitch when you speak to new business is that they will untap an untapped customer base. They just need to put in a payment rail that costs nothing and they can gain extra revenue."
Beyond the local impact seen in Bedford, the conference also explored how global companies strategically use bitcoin to outmanoeuvre the current fiat system. Since August 2020, MicroStrategy has consistently added bitcoin to its balance sheet as a hedge against inflation and to enhance returns.
Metaplanet, a Japanese firm listed on the Tokyo Stock Exchange, recently announced plans to add $6.5 million in bitcoin to its treasury, resulting in an immediate 90% surge in its share price. This decision was to create what is being dubbed as 'Asia's first Microstrategy,' and shows how companies worldwide leverage bitcoin as a 'Cheat Code' to gain a competitive advantage.
Erik Hersman during the 'A Paradigm Shift in Energy' session addressed the pressing need for sustainable solutions, stating, "For humanity to be sustainable, we need more energy." This underscored the dual role of bitcoin mining in demanding and potentially driving the development of more efficient energy solutions.
The conference also focused on its community impact, with Peter McCormack announcing that proceeds from ticket sales would go towards the Bedford Development Fund, directly benefiting local initiatives. A standout moment came when McCormack asked attendees to raise their hands if this was their first time at a bitcoin conference. This revealed that about 70% of the audience was attending for the first time.
McCormack announced at the conference that the Winklevoss Twins have invested $4.5 million in bitcoin to become co-owners of Real Bedford. This will boost the club's Premier League aspirations and support community projects like a new training center and football academy. Given bitcoin's growth potential, this investment could elevate Real Bedford to one of the wealthiest football clubs.
Tyler Winklevoss said, “We share in Peter’s deep conviction in bitcoin and its potential to propel RBFC into the Premier League. Since our first discussion over two years ago, Peter has shown he can lead a successful club, and we are eager to join him as co-owners.” Peter McCormack added, “These past few years have been tremendous as we've met our growth targets and supported the community sustainably. The demands of a rapidly growing club are considerable, but with Tyler and Cameron's support, we can continue to invest in Bedford and our local community.”
The conference wrapped up with Jack Mallers discussing Strike's imminent launch in Europe including the UK. He spoke of the disparity in treatment, with the Winklevoss twins facing repeated rejections for a bitcoin spot ETF 13 years ago, while Larry Fink of BlackRock secured approval in just six months, Mallers said, 'That is not a coincidence', suggesting a changing tide in financial regulations favoring bitcoin.
CheatCode transcended typical industry events, integrating technology, finance, and community impact to demonstrate bitcoin's role as a catalyst for global change. It established bitcoin not just as a financial tool, but as a transformative force for sustainable business practices and economic models worldwide, inspiring attendees to rethink value and community engagement in our interconnected world.
