CoinDesk's Consensus Conference Will Drive Bitcoin's Price

CoinDesk's Consensus Conference Will Drive Bitcoin's Price

The intense interest in the 2018 Consensus conference shows Bitcoin may be ready to rally

Getty Images

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space.  At least that's what it says on their "About Us" page on their website. Yesterday was the first day of their fourth annual Consensus Conference. Why is Consensus conference important? "Consensus is more than just a conference. It's the largest and must-attend gathering of everyone involved in our rapidly growing ecosystem" according to Kevin Worth, CEO of CoinDesk. We may or may not agree with the platitudes heaped upon CoinDesk and the Consensus conference by themselves, but it is reasonable to think that the price of Bitcoin will be driven by the conference. Not even necessarily by headlines from the conference but by the conference itself. 

 

Meteoric growth

Since it’s origin in 2015, Consensus has not only increased in attendance but in the ticket price and in the star power of its attendees. It has gone from 400 attendees in year one, to 1400 in year two, 2700 last year and final paid attendance for this year…8500. At a rough average of $2000 per ticket, that brings the total revenue to approximately $17 million. The attendance alone is more than triple last year. Speakers have become more high profile as well with Federal Reserve Bank of St. Louis President James Bullard having spoken yesterday and Twitter co-founder Jack Dorsey, whose mobile payments company Square launched bitcoin trading this year, set to speak at Consensus on Wednesday. The past 2 years, Bitcoin has rallied after Consensus and even though the cryptocurrency remains over 50% down from its highs in December, it is up over 1700% from this time last year when Consensus was in year three. The interest in this conference regardless of price shows that the interest in blockchain and Bitcoin is still very, very high. The price of Bitcoin may follow.  

The information contained above may have been prepared by independent third parties contracted by Nadex. In addition to the disclaimer below, the material on this page is for informational and educational purposes only and should not be considered an offer or solicitation to buy or sell any financial instrument on Nadex or elsewhere. Please note, exchange fees may not be included in all examples provided. View the current Nadex fee schedule. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representations or warranties are given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk and any trading decisions that you make are solely your responsibility. Trading on Nadex involves financial risk and may not be appropriate for all investors. Past performance is not necessarily indicative of future results. Nadex contracts are based on underlying asset classes including forex, stock index futures, commodity futures, cryptocurrencies, and economic events.

Trading can be volatile and investors risk losing their investment on any given transaction. However, the design of Nadex contracts ensures investors cannot lose more than the cost to enter the transaction. Nadex is subject to U.S. regulatory oversight by the CFTC.