Looking for a way to quantify the growth of cryptocurrencies in events? About 12,000 attendees converged on Mana Wynwood Convention Center in Miami for Bitcoin 2021 last June. This year, conference organizers are expecting to hit their goal of 35,000 attendees for the April 6-9 event at Miami Beach Convention Center.
“Bitcoin is one of those topics and one of those movements that is super pertinent to the world right now,” says Brandon Green, chief of staff of BTC Inc., the communications and business development company dedicated to Bitcoin’s adoption.
Does that mean that three times as many events professionals will switch to digital currencies this year? Not necessarily. But suffice to say the movement toward cryptocurrencies is gaining speed. Hotels, production companies and event organizers themselves are vying to be ahead of the curve before the trend goes fully mainstream. And make no mistake about it: Cryptocurrencies are here to stay.
“I think probably within five to 10 years is when it'll be fully adopted, unfortunately,” predicts Bill McGlade, a longtime event technology guru who is president of Epiq Creative Group.
As can be inferred, McGlade is not among those cheering on the revolution. His fear is that cryptocurrencies are inherently tied to the metaverse and have been long before Facebook founder Mark Zuckerberg coined the phrase for the next phase of his social media empire. The danger, McGlade suggests, is that we, as a society, are headed toward a place where we’d prefer to plug into The Matrix rather than interact face-to-face.
Early adopters and champions of cryptocurrencies suggest the technology will have the opposite effect. Indeed, they say the rise of blockchain-based money will facilitate in-person interaction, particularly at trade shows, meetings, conferences and other events.
Green, for his part, could never imagine Bitcoin’s annual event as a virtual show. In fact, organizers delayed, rather than canceled, the planned March 2020 conference derailed by the pandemic’s onset. Amid projections 50,000 people were in Miami to experience the ancillary festivities at Bitcoin 2021, Green guessed more attendees would have registered had organizers not cut off ticket sales a week prior to kickoff. The 35,000-attendee benchmark goal for 2022 demonstrates Bitcoin is not just doubling down on in-person, it’s tripling down this year.
With the world eager to emerge for two years’ worth of disruptions and lockdowns, changes in everyday business are coming. Cryptocurrencies have the potential to be an adaptation that most infiltrates daily life. There is not simply one avenue that will manifest itself, but rather the evolution will unfold, and is already unfolding, along many fronts. Here, we mined a mix of event professionals for ways they see greater adoption of digital monies shaping the industry.
1. Race to Be First
The old joke—funny because it’s true—about the event industry involves the introduction of heavenly bed as an example of the event industry’s pace of progress. The punchline is that it only took a few generations for hotels to realize a comfortable night’s sleep is a key part of any trip.
Will the industry be faster on the draw with payment methods?
Seeing the writing on the computer screen, some companies are using their involvement with cryptocurrencies to prove they are forward-thinking. Absolute Production Services is proclaiming itself the first U.S.-based corporate production company to accept crypto. “You either lead or get out of the way,” says Charlie Nicosia, owner and president of the Chicago-based company dating back two and a half decades. “After 26 years, you have to be looking around the corner.”
Nicosia is betting that the longer his company is associated with crypto, it will be seen as a trusted provider to ensure safe transactions involving new technology. “We want to leverage the experience of our company to be able to talk to all of these folks that are new coming into this from the events industry,” he says. “It was a no-brainer.”
2. Personalization
Quick: What is the biggest trend in events? Personalization. Almost any new advancement, technology-based or not, is designed to speak directly to an attendee. Accepting crypto is just another way to give customers a choice, says Jeff Crabiel, area general manager of Bobby Hotel, a boutique property taking crypto in Nashville. “Our goal is to give our guests options that best fit their needs. We try not to follow typical hotel industry standards, but lean into what makes Bobby special to our visitors,” he notes.
So far, about 10% of the hotel’s daily transactions involve crypto, says Crabiel, who adds that there has been a noticeable growth in use among group business and social events.
With more millennial millionaires expected to invest heavier in crypto, it figures luxury brands and properties like The Bobby will play to their sensibilities with the offering. As more organizations make the option available, it will become standard and more customers will adapt. “As these types of services become more readily available to the public, we believe that number will continue to grow,” predicts Crabiel.
That day could be sooner than we think. Green said prepandemic, it was notable when a company would agree to accept Bitcoin. Now, “we're already accelerating toward the point where it's almost not even news anymore,” says Green. In fact, El Salvador announced at Bitcoin 2021 that it would be the first country to accept the cryptocurrency as legal tender.
3. Reaching Younger Generations
McGlade, 37, sees himself as a bit of an old soul. He hasn’t bought into virtual reality as the next big thing for trade shows. (Nothing beats a handshake and the ability to look someone in the eye, he notes.) But he acknowledges that the group of individuals ready to immerse fully in technology is only a few years younger. “I would say 32 [years old] and above are going to want real-world interaction,” McGlade says. That means cash and credit cards too.
Whether crypto encourages in-person gatherings or sends more online is still a matter of debate, but the perception that this is another step toward Ready, Player One is likely to slow some from jumping the gun. “Depending on the age, it may not be something that you feel comfortable wanting to do,” added Absolute’s Nicosia.
4. Turning Time Into Money
If there ever were a time for a spike in crypto, 2022 may be it. If, as we hope, Omicron is the last word on COVID, the world could soon fully reopen and be ready to fully integrate the tools used from virtual engagements in the physical world.
More pressing is the matter of inflation, which spiked in late 2021 and is likely to keep costs rising for the next several months. The measure of pricing is based on perception in many ways—a reality that leaves world markets vulnerable to many of the issues presented during the pandemic.
One of BTC’s goals is that Bitcoin transcends global politics and serves as a unifier on the crucial element of currency. “Where I see the endgame is that ultimately Bitcoin unites every citizen of the world under the same notion of what is value,” says Green.
Short-term, crypto’s up-and-down nature can also be a benefit. “As most people know, cryptocurrency rapidly changes, so an event that costs $10,000 may only cost you what would have been $20,000 one month earlier,” says Crabiel.
5. Industries Getting on Board
If cryptocurrency is on an “S” curve, who is at the top of the curve? We’ve already established that younger generations are, not surprisingly, the most comfortable with the new era. It is also hardly surprising that crypto-based conferences, including Bitcoin and CoinDesk’s Consensus Conference, June 9-12 in Austin, are allowing attendees to pay for registration and on-site F&B through their products. However, traditional payment remains available in a nod toward the reality that the future is not now.
Still, the demographics of Bitcoin’s shows are changing. What once was dominated by coders and “cyberpunks” has grown into an audience filled with politically minded individuals, influencers and companies not even using Bitcoin yet. As a result, the education, which Green is responsible for, has shifted from being primarily tech-heavy sessions to including topics on macro global issues.
Transaction-based trade shows and conferences are already on board, notes Nicosia. CBD-based show organizers are high on the technology because it speeds purchases. Crabiel sees a natural fit with pharma and large tech conferences, which are typically fast adopters of new tools.
6. Lessening the Learning Curve
On the most basic level, a lot of education remains needed regarding crypto. For one thing, cryptocurrency is a topic, but there are, in fact, many cryptocurrencies. Green, naturally, describes Bitcoin as “the most valuable, the most decentralized and the most beautiful.” Absolute is partnering with Coinflip, the world’s leading Bitcoin ATM operator. But there are others, including Ethereum by Coinbase.
Just as some of the new event technologies to emerge during the pandemic were less substantial than others, the same is true of crypto companies. Green says there are scammers out there, but he has been impressed with the innovations of some competitors.
Nicosia, who predicts 20% of his clients will pay via crypto by late 2022, says the companies that are easiest to use and most trustworthy will win out and usher in the crypto movement. “Once these crypto companies can make it simpler and more user-friendly, and when there's not this big generational gap between these younger folks and the older folks, you'll see it just go right through the roof as far as who's accepting and who's paying.”
