Blockchain Week New York has seen a number of large scales cryptocurrency conferences flood the Big Apple with thousands of blockchain experts, entrepreneurs, and community members. With CoinDesk’s Consensus conference and the Ethereum Ethereal Summit drawing in crypto industry juggernauts from around the world, crypto traders are eagerly awaiting an anticipated market surge subsequent to the event, according to Fundstrat’s Tom Lee.
New York’s yearly convergence of cryptocurrency conferences is one of the biggest events on the blockchain calendar, and for the past three years has been associated with an increase in value in Bitcoin and other high market cap cryptocurrencies. Operating from May 11th to May 17th, Blockchain Week New York City has cemented NYC as a rising hub for distributed ledger technology development.
— CoinDesk (@coindesk) May 14, 2018
Crypto Events Rake In Profits
The high number of blockchain conferences occurring in New York this week bring with them a windfall in the form of ticket sales — Consensus, for example, offers blockchain entrepreneurs, developers, and investors the opportunity to join a list of 7,000 or so colleagues at the event.
The number of attendees at blockchain related events in Blockchain Week is also increasing.
Last year, Consensus boasted 2,700 attendees. This year, attendance rates are expected to exceed 7,000, demonstrating the massive increase in interest that the blockchain industry has captured.
The increase in ticket sales is a dramatic step up from just three years ago when the first Blockchain Week saw just 1,500 participants.
The week-long event features a number of big names, including St Louis Federal Reserve President James Bullard, Twitter CEO Jack Dorsey, and European Parliament member Eva Kaili. Keynote speaker lineups aren’t the only important element of blockchain conferences, however — Abra CEO Bill Barhydt commented on the relationship between events and blockchain organizations:
“Clearly there’s a lot of money to be made in the enterprise IT world, and blockchain seems to be the flavor of the month. This represents an opportunity for companies that are trying to jump on that bandwagon to take advantage of that confluence of factors at the same time. Obviously, there’s a lot of money moving around in terms of sponsorships. We’re getting requests every day to sponsor.”
Not all blockchain industry participants are happy about the rising importance of New York Blockchain Week, however. Ethereum co-founder Vitalik Buterin stated in April that he’d be boycotting Blockchain Week due to high ticket prices, noting that CoinDesk “is recklessly complicit in enabling giveaway scams”
I am boycotting @coindesk's Consensus 2018 conference this year, and strongly encourage others to do the same. Here is my reasoning why.
1. Coindesk is recklessly complicit in enabling giveaway scams. See their latest article on OMG, which *directly links* to a giveaway scam. pic.twitter.com/WDr9uZ8XOw
— Vitalik Non-giver of Ether (@VitalikButerin) April 26, 2018
Blockchain Week Price Impact
The cryptocurrency market in general traditionally exhibits positive price movement subsequent to New York Blockchain Week. In 2015, the price of Bitcoin increased by 23% directly after the event which, compared to the regular movements of the cryptocurrency market, is not a dramatic amount but resulted in another dramatic positive shift at the end of the year.
After the second Consensus event in 2016, Bitcoin values once again increased by 10% within one week, then surged an additional 80% by the end of the year.
After the 2017 Blockchain Week, Bitcoin increased in value by a massive 69%, cementing the relationship between the event and positive market action.
With New York Blockchain Week drawing to a close on the 17th of this month, markets are already beginning to swing back into the green. Co-founder of Fundstrat Global Research and Bitcoin bull has commented on the impending price recovery, predicting more positive action:
“The rally post-Consensus has been strong and more supportive of our view that Bitcoin has already bottomed for the year. Bitcoin has rallied 10 to 70 percent during each of these conferences. We think alt-coins could similarly rally given the sizable increase in attendance.”
Cover Photo by Mike Chavarri on Unsplash