Category Archives: Consensus conference

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New York Pursues Initiatives to Become Blockchain Industry Hub

The New York City Economic Development Corporation (NYCEDC) announced on Monday several initiatives that pursue ambitions of becoming a blockchain technology hub.

In time for NY Blockchain Week

With Blockchain Week now underway in New York, city leaders have announced details of their plans for the municipality. The most significant is the development of what is being called a Blockchain Center. This would be purpose-built to educate and raise awareness of the technology, while also providing a space for industry stakeholders to convene.

New York Sate’s BitLicense regulations have received much criticism on the grounds of contributing to a hostile policy stance that has been driving away startups. Should the center be assembled as planned, it would promote a positive regulatory environment for the state, addressing the issues caused by the BitLicense regulations.

In another part of the blockchain initiative, NYCEDC co-sponsored a hackathon in Times Square over the weekend. Participants competed to find blockchain-based solutions for tracking food supplies for farmers markets, similar to the trending real-world use of blockchain in the food supply chain.

The proposal from city leaders also presented plans to launch a competition towards the end of the year, with candidates supplying their own innovations regarding the use of blockchain technology within New York’s service sectors.

The NYCEDC is also a co-sponsor of New York Blockchain Week, alongside cryptocurrency news outlet CoinDesk. The events offered around the city include the Consensus Conference, with lectures held by prominent industry figures, and a free job fair on Wednesday at the Hilton, Midtown.

NYCEDC VP Karen Bhatia spoke out on her ambitions for the city, and the potential industries blockchain could prove a beneficiary of. “We saw an opportunity to be at the forefront of experimentation in blockchain as sustaining more of a foothold,” she said.

Addressing the issue of regulations holding back the development of the blockchain industry in the city, Bhatia anticipated several heated debates in the forthcoming week. As she sees it, this is an opportunity to ‘‘sit down and have a real discussion about how these regulations are affecting innovation and entrepreneurship in New York City“.

 

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Tom Lee Anticipates Bitcoin Rise After Consensus Conference

Following Tom Lee’s prediction that Bitcoin will be valued at USD 25,000 by the end of the year, he now anticipates that the Consensus conference will be a significant driving force to reach these gains.

Lee heads the research team at Fundstrat Global Advisors, where he recently sent a note to clients advising them that he ”[expects] the Consensus rally to be even larger than past years”. The conference is running for the fourth consecutive year, with trends showing a correlation between a growing number of attendees and the price valuation of Bitcoin.

As reported by Bloomberg, this year the event is expected to draw in over 7,000 people, compared to the 2017 attendance record of 2,750. According to Lee’s note to his clients, last year’s event saw attendance rates double, offsetting a Bitcoin price increase of 69% during the conference, followed by a 138% rise the ensuing two months.

Although the value of Bitcoin has dropped to around USD 9,250 after reaching nearly USD 10,000, the cryptocurrency is still riding a three-week high after a difficult start to the year.

The potential caveat

While Lee stated that he firmly expects Bitcoin to act in a similar way as it has tended to around the time of the summit, he did note that recent regulatory uncertainty might be problematic for the cryptocurrency. Particularly, Lee stated that some digital currencies being classified as securities may result in the aggregate decline in their demand.

Nonetheless, he believes that traction from the conference will be significant enough to overcome this issue.

The Consensus conference is a blockchain and digital currency summit organized by CoinDesk, that hosts leading industry experts as keynote speakers during the event. This year, it will take place between 14 and 16 May, held at the Hilton Midtown, New York. Over 250 speakers have been booked, with a diverse background in investment, financial institutions, enterprise technology and academia.

 

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