Trump, Wealthy Dentists, And Endless Zyns: A Three-Day Experience At The Largest Bitcoin Festival

“Quiet on set, everyone!” exclaimed Brock Pierce, the former child actor turned prominent cryptocurrency entrepreneur. Approximately a hundred attendees lingered in various states of conversation and inebriation at a Las Vegas Maggiano’s, which the DNA Fund, a venture founded by Pierce, had booked for several days during the official Bitcoin 2025 Conference last week.

We had just listened to an eccentric speech from New York City’s Mayor, Eric Adams, who compared Pierce and his crypto colleagues to “pioneers” like Betsy Ross, the historical figure renowned for sewing the first American flag featuring stars and stripes.

“So although the rockets’ red glare and bombs burst in air, they proved through the night that our flag is still there,” Adams proclaimed. “That is who you are. You are the best.” Adams vowed to establish a crypto council for New York and to issue bitcoin bonds. He addressed issues of illegality with credit cards and fraud within the stock market. “Let’s cut the nonsense and open doors,” he asserted.

As Pierce repeated his call for silence, the cacophony of the banquet room quieted just a touch, as the assorted guests—crypto enthusiasts, bitcoin believers, fintech innovators, and a handful of journalists—realized that the back of the restaurant had been swiftly transformed into a set for “CryptoKnights,” the web3 version of “Shark Tank,” which Pierce co-hosts with former “Entourage” star Adrian Grenier on Amazon Prime. At Maggiano’s, Pierce had gathered a panel of judges: Grenier was absent, but recognizable reality-show personalities were present, including a striking woman and a well-built Chad alongside Pierce, who sported a feathered panama hat. Filming commenced soon after. An aspiring crypto entrepreneur made his pitch—a method to generate yield on bitcoin—but after several minutes of discussion, Pierce and the judges dismissed him. His offering was merely a concept. Not ready for the spotlight.

New York City Mayor Eric Adams compared crypto entrepreneurs to “pioneers” like Betsy Ross.

David Becker for BI

After the show, guests indulged in a three-course meal of family-style Italian classics at Maggiano’s. Pierce, a former business associate of Steve Bannon who has been making headlines recently for lawsuits surrounding a hotel in Puerto Rico and his friendship with Israeli Prime Minister Benjamin Netanyahu’s son Yair, held court in a corner of the restaurant, where Adams was entertaining guests. Earlier that day, Pierce had hosted a fundraising luncheon with Adams, dubbed “Lunch With America’s Bitcoin Mayor.”

With around 35,000 attendees, the Bitcoin Conference at the Venetian is the largest gathering in the crypto space. Officially organized by Bitcoin Magazine, side events like those hosted by DNA Fund at Maggiano’s were just as impactful as the main conference, sometimes featuring the same speakers. Adams, Ohio gubernatorial hopeful Vivek Ramaswamy, anti-death advocate Bryan Johnson, and the recently pardoned crypto executive Arthur Hayes were all present at both the Venetian and at the Maggiano’s event down the road.

For entrepreneurs like Pierce, whose lives are a continuous montage of networking, deal-making, and self-promotion via social media, it was just another day. DNA House has coordinated events worldwide, following large crypto gatherings in Toronto and the United Arab Emirates. For many of his guests, devouring wagyu beef stuffed shells and truffle mac and cheese, it felt like another alcohol-soaked celebration in a week full of them, as bitcoin enthusiasts reveled in their growing political clout.

With around 35,000 attendees, the Bitcoin Conference at the Venetian hotel is the world’s largest crypto gathering.

David Becker for BI

Ultimately, Bitcoin 2025 served as a celebration for an industry that fully backed Donald Trump and the Republican Party during the 2024 election cycle and achieved significant victories. The first day’s events, themed “Code and Country,” were so filled with Republican politicians, Trump staffers, and boastful executives that it could have easily been mistaken for a CPAC gathering. Sponsored by America250, a supposedly nonpartisan 501(c)(3) responsible for planning the events surrounding the U.S. government’s upcoming 250th birthday celebration, the “Code and Country” agenda revealed intriguing insights into bitcoin’s evolving role in American politics.

Bitcoin enthusiasts continue to endorse foundational principles like decentralization and a libertarian exit from conventional society, but the MAGA and high-stakes tilt are undeniable. Over the course of three vivid days and nights in Vegas, it became clear that the immediate future of bitcoin hinges on its close ties with Trump, as well as its acceptance by major corporations, union retirement funds, the federal government, and a handful of billionaires eager to amass as much of it as possible.

Historically, bitcoiners have leaned toward right-leaning ideologies—challenging government’s authority on money can inspire that lean—but it was a broadly libertarian right that encompassed modern digital gold enthusiasts, hard-money fanatics, anti-state free-thinkers, and cypherpunks advocating for a type of supranational autonomy protected by the enchantment of encryption. The U.S. president was not anticipated to belong to this faction, particularly since Trump had previously branded bitcoin as a “scam” during his first term.

However, the role of bitcoin has dramatically evolved since the pseudonymous Satoshi Nakamoto introduced a concept for a peer-to-peer currency 16 years ago. Entire industries and vast political and criminal networks have emerged around bitcoin. At the conference, the value of a single bitcoin token surged to an unprecedented high of over $111,000. For the Republican Party, bitcoin has transformed into a symbol of freedom and a mechanism to mobilize a motivated donor base that has already delivered significant electoral gains.

“With President Trump, crypto finally has a champion and an ally in the White House,” stated Vice President JD Vance.

David Becker for BI

As legitimate money flowed into bitcoin, the cypherpunks were eclipsed by venture capitalists, money launderers, authoritarian tech tycoons, and a large segment of the MAGA movement that viewed bitcoin’s general disdain for government as aligning with Trumpian populism. Many also perceived it as a pathway to wealth. However, the shift in bitcoin’s political economy, now valued at around $2 trillion, appears to have mostly sidelined everyday retail traders. Despite bitcoin’s skyrocketing value, trading volumes on exchanges have decreased significantly since their heights in 2021. It remains underutilized as currency, with the one nation that officially adopted bitcoin, El Salvador, scaling back its ambitions.

In the 2024 election cycle, the nearly unanimous partisan shift regarding bitcoin became impossible to ignore when the crypto sector raised more than $200 million to support Trump and a number of predominantly Republican candidates. In exchange, the industry has witnessed the dismantling of crypto crime task forces across federal agencies; relaxed financial regulations; the pardon of Silk Road founder Ross Ulbricht; changes within the Securities and Exchange Commission; the virtual disbandment of the Consumer Financial Protection Bureau; a cessation of most federal lawsuits and prosecutions against major crypto institutions and individuals; the establishment of a national crypto stockpile capable of buoying token prices; and perhaps most astonishingly, the emergence of President Donald Trump as the country’s most influential crypto entrepreneur.

Such a dramatic transformation for an industry that a year ago characterized itself as perpetually on the defensive in response to a Democratic administration and regulatory framework perceived as hostile. Now, many crypto CEOs find themselves less concerned with former SEC Chair Gary Gensler or Senator Elizabeth Warren, and more focused on dealing with the president himself, who has attracted unwanted attention to an industry striving to push a favorable regulatory framework for dollar-pegged stablecoins—an endeavor Trump has recently shown interest in.

Nevertheless, the Trumpian spectacle seems worthwhile when the president pledges to deliver the regulatory landscape they desire. Trump has pardoned numerous financial fraudsters and crypto executives, several of whom were celebrated in Vegas.

In Vegas, especially on the opening “Code and Country” day, there was a palpable sense of a gray-market industry stepping into the limelight and being granted unprecedented influence. The influx of Republican politicians underscored this, with pro-crypto figures such as Senator Cynthia Lummis, Representative Tom Emmer, Senator Marsha Blackburn, Senator Jim Justice, and Representative Byron Donalds making appearances on panels. Eric Trump and Donald Trump Jr. took their turns on the main stage (“I firmly believe we’re just at the beginning. Opportunity is everywhere,” Trump Jr. stated), as did White House crypto and AI chief David Sacks, Trump advisor and campaign co-chair Chris LaCivita, and White House crypto advisor Bo Hines. On Wednesday, Vice President JD Vance, a one-time venture capitalist, delivered the day’s opening keynote to a packed crowd that began gathering as early as 5:30 a.m.

Senator Jim Justice with his English bulldog, Babydog.

David Becker for BI

“Thanks especially for what you did for me and the president,” Vance noted, explaining that the support from the crypto sector was “part of why I’m here today.” He continued: “With President Trump, crypto finally has a champion and an ally in the White House.”

“The innovators in this room are improving lives. You deserve respect and support from your government, not bureaucrats trying to tear you down,” Vance proclaimed to enthusiastic applause.

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Bitcoin-themed Trump merchandise was ubiquitous. Vendors hawked Trump 2028 hats and posters featuring a steely-looking Trump adorned with bitcoin symbols. With crypto having recently emerged from political obscurity, a sense of subversion hung in the air. One attendee wore a T-shirt stating, “Everything I love to do is illegal.” Another donned an ivory suit bearing the word TEXIT, advocating for a Texas secession movement. A company named BitcoinOS was promoting a lottery to win a foreign passport—speculated to be from Portugal, though nothing was confirmed. Several accountants and financial advisors circulated during the conference, pushing tax-mitigation strategies, with a sign from Tax Network USA brazenly stating, “Ask Us About Tax Avoidance.”

Bitcoin-themed Trump merchandise was everywhere. Vendors sold Trump 2028 hats and posters of a steely-looking Trump covered in bitcoin motifs.

David Becker for BI

As Trump commenced his second administration by pardoning convicted fraudsters and halting several SEC cases, certain crypto billionaires felt secure enough to visit the United States. The Bitcoin 2025 conference featured an appearance from one such entrepreneur who recently benefitted from the SEC’s decision to not pursue a multi-billion-dollar fraud investigation against him. Justin Sun, founder of Tron and a Chinese crypto billionaire, became the principal investor in Trump’s World Liberty Financial and the leading buyer of the $Trump meme coin, which earned him a gold watch at a recent gala for the top 220 holders of his token. A wanderer who resides in Hong Kong and claims citizenship from St. Kitts & Nevis (he’s also the prime minister of an unrecognized territory known as Liberland), Sun had not been seen in the U.S. for years. Yet here he was at Bitcoin 2025, where he was celebrated on the main stage and photographed alongside industry insiders.

Equally celebrated was Paolo Ardoino, CEO of Tether, the world’s leading stablecoin firm, which had operated from Hong Kong and the Caribbean for years before relocating to crypto and MAGA-friendly El Salvador. Ardoino delivered a keynote address and took part in a fireside chat on the main stage with Brandon Lutnick, the Cantor Fitzgerald executive managing Tether’s accounts—a role he inherited from his father, Howard Lutnick, who also served as Trump’s commerce secretary.

Bone Thugs-N-Harmony segued into their hit “1st of Tha Month” as a crew of women dressed in cow costumes paraded through, holding illuminated signs that read “Steak ‘n Shake” and “Accepts BTC.”

“This is your first time in the U.S. this year,” remarked Brandon Lutnick repeatedly to Ardoino, who nodded in agreement. No one mentioned why Ardoino, at age 41, had never set foot in the U.S.: His company had reached multiple settlements with U.S. regulators, and both he and his colleagues were reportedly being investigated by the Department of Justice for suspected sanctions violations, anti-money laundering breaches, and potential bank fraud (Ardoino claimed last year that he did not believe Tether was under any criminal investigation). Before Trump’s re-election, entering the U.S. could have easily led to him facing an FBI inquiry. Now, he and Sun were treated as sought-after celebrities.

Tether CEO Paolo Ardoino (left) and Tron founder Justin Sun.

David Becker for BI

Yet it wasn’t merely the quasi-outlaw figures of crypto who relished their newfound liberation. Several speakers expressed anticipation of being imprisoned this year—without going into specifics. The underlying suggestion was less about operating outside legal boundaries and more about portraying themselves as victims of government oppression—something only Trump could rectify.

“Tyler, I believe you mentioned a year ago that being in the jailhouse was far more probable than finding yourself in the White House,” related Cameron Winklevoss, a cryptocurrency billionaire, to his twin brother during a panel with David Sacks.

“I firmly believe we’re just at the beginning. Opportunity is everywhere,” said Donald Trump Jr. to the crowd.

David Becker for BI

“I think the president understood that,” Sacks stated. “He experienced his own legal battles a year ago when his political adversaries attempted to imprison him for 700 years. I think he recognized that the crypto community was facing a similar type of unreasonable persecution.”

That evening, America250 hosted a gathering at a pool club within the Resorts World Las Vegas complex. Sponsors included firms like Exodus, Frax, Kraken, Coinbase, and Justin Sun’s Tron. As guests arrived, a disembodied, gloved hand emerged through a black curtain, offering complimentary flutes of Champagne. The open bar provided generous pours, while bathroom attendants offered free Zyn. Bone Thugs-N-Harmony, the famed hip-hop crew, performed live. Rosie Rios, chair of America250, who described herself as a “fiscal conservative” during a conference panel that day, was nodding along to their rap about blunts and rum. The gold enthusiast Peter Schiff, who has been facing tax and money laundering probes related to his private bank in Puerto Rico, sat on a sofa flanked by young women. Bottles of chilled Moët rested on tables in poolside cabanas. (Schiff, who is suing the IRS, has accused government officials of conspiring against him and framing his bank.)

Bone Thugs switched to their hit “1st of Tha Month”—a gold-charting anthem from the mid-’90s celebrating the arrival of welfare checks—as a procession of women in cow costumes entered, brandishing luminous signs proclaiming “Steak ‘n Shake” and “Accepts BTC.” Above the stage, a large screen illuminated the Steak ‘n Shake logo. Several formally dressed representatives of Steak ‘n Shake observed approvingly from behind a velvet rope.

This type of absurd marketing stunt—part of Steak ‘n Shake’s ongoing MAGA/MAHA pivot, embracing beef tallow and bitcoin—was a common sight during a week filled with constant promotional offers, giveaways, pop culture references, and promises of immediate wealth and financial emancipation. Everyone was hustling, pitching, and guaranteeing results. “Earn Bitcoin While You Sleep,” said a flyer from a mining company distributing branded fedoras. “Unlock Passive Income.” The surrounding environment, including some attire and napkins on tables, seemed saturated with QR codes. There was always another bitcoin raffle to enter or a new party to explore; the line between what was authentic and what wasn’t was often ambiguous.

The environment, including some clothing and napkins on tables, appeared saturated with QR codes.

David Becker for BI

The following night, at a wooden-paneled bar on the 66th floor of the Conrad hotel, a crypto mining company named Digital Shovel threw a bash in collaboration with Maxim, the renowned men’s magazine. The names of both brands adorned a blue curtain, in front of which guests and models hired from a local agency took photographs. When inquired about Maxim’s involvement, Scot Johnson, president and CEO of Digital Shovel, revealed to a group of journalists that he had merely rented the brand name for the night.

Later, I found myself at a celebration for the Taproot Wizards, a quirky, somewhat tongue-in-cheek group of enthusiasts aiming to “make bitcoin magical again.” Upon entering the psychedelic-lit Discoshow venue at the Linq Hotel, I was handed a shiny silver wizard hat and cape, which I promptly donned. Amid this, a bearded man in full wizard attire extended his hand, offering what appeared to be a brown capsule.

“Take it,” he encouraged.

“What is it?” I asked.

“It’s drugs.”

“May I know which kind?”

“It’s mushrooms.”

I took it and relished what tasted remarkably like a chocolate M&M.

Inside, the bar served free mixed drinks and cans of Liquid Death water. A small crowd mingled, clad in wizard attire, creating an atmosphere akin to a D&D fan party. A few guests danced to a DJ set in a room decorated with screens and radiant panels, drawing attention with a seizure warning posted near the entrance. It was an occasion filled with lightheartedness and carefree enjoyment. Bitcoin was barely mentioned. Unfortunately, it was just an M&M.

In Vegas, the future of bitcoin appears to be turning corporate. “Bitcoin treasury companies,” publicly traded entities that serve as holding vehicles for accumulating bitcoin, gained popularity as multiple CEOs paid homage to Michael Saylor, the tech executive who borrowed billions to transform his enterprise software company, MicroStrategy, into one of the largest holders of bitcoin globally. Saylor has urged other companies to adopt his “playbook,” leading to announcements from GameStop and Trump Media about their intentions to follow suit. Nakamoto, a bitcoin treasury company led by David Bailey, the key figure behind the conference, prominently featured its name in much of the Bitcoin 2025 conference branding and signage.

More than anything, Bitcoin 2025 served as a victory celebration for an industry that backed Donald Trump and the Republican Party during the 2024 election, seeing notable success.

David Becker for BI

During panel discussions, CEOs envisioned future markets in which most companies would possess bitcoin on their balance sheets, even if they weren’t solely dedicated to it. Financial institutions and individual investors could then purchase shares in those companies, such as MicroStrategy and Metaplanet, which are publicly traded, and partake in the benefits of those firms’ bitcoin investments, broadening the sphere of wealth. A similar philosophy supported the increasing adoption of ETFs, Wall Street funds that afford investors exposure to bitcoin without requiring them to purchase actual bitcoins themselves. (These financial entities benefit from the fees generated by managing investments in ETFs, bitcoin treasury firms, and other cryptocurrency-based financial offerings.)

“Why settle for merely being rich when you could become the ‘first billionaire dentist on your block,'” advised Michael Saylor.

“At the end of the day, it’s a game, and we’re all going to triumph together,” stated Will Reeves, CEO of Fold, whose company is now in the process of developing its bitcoin treasury.

“We’re on track to become the world’s largest companies,” proclaimed Simon Gerovich, president of Metaplanet.

Saylor, the silver-haired executive whose fervent commitment to bitcoin can only be described as “religious,” has triggered the corporate treasury movement, making him one of the key attractions of the conference. His keynote on the event’s last day drew a crowd so large, it overflowed. Donning all black apart from a silver bitcoin pendant hanging from his neck, Saylor emerged to enthusiastic applause. Speaking in his signature gravelly voice, he delivered a post-cypherpunk prosperity gospel under the unassuming title “21 Ways to Wealth.” Acknowledging that he regularly speaks to high-ranking corporate executives and politicians, Saylor expressed delight in addressing this audience and imparting the digital flame of Prometheus.

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“Satoshi bestowed you an idea valued at half of everything on Earth,” declared Saylor. “It is the greatest idea in human history.”

“He who holds the most bitcoin at the end of the game wins,” stated Michael Saylor, the tech executive who borrowed billions to make MicroStrategy one of the world’s leading holders of bitcoin.

David Becker for BI

As he went through 21 insightful principles—”master artificial intelligence,” “reside where sovereignty respects your freedom”—each accompanied by an AI-generated visual, Saylor advised attendees not to “chase your own good ideas.” Only one pursuit held value. He urged everyone present to sell or mortgage everything they owned, take out loans upon loans, and use all of it to accumulate as much bitcoin as they could, as swiftly as possible. “Raise and reinvest capital without pause—velocity compounds wealth,” read one of his slides. Saylor illustrated how a dentist bringing in a couple hundred thousand dollars yearly could, through strategic corporate maneuvers, loans, share sales, and lines of credit, potentially become a bitcoin billionaire. “Why aim to be merely wealthy when you could become the ‘first billionaire dentist on your block,'” he emphasized.

A regular figure on the bitcoin media circuit, Saylor speaks in exaggerated tones about bitcoin’s immense power and perfection. He exhibits the zeal and persuasive skills of a leader of a sophisticated multi-level marketing operation. Over recent years, Saylor has secured billions in debt for bitcoin acquisitions, causing MicroStrategy’s stock to skyrocket, and his once criticized stance of continuous corporate bitcoin gathering is on the verge of widespread adoption. (Last year, Saylor agreed to a $40 million settlement over a tax fraud case initiated by the Washington D.C. attorney general.)

“This is a contest for capitalizing on bitcoin,” Saylor stated, sounding less optimistic than the collective mantra of “we’re all going to win” proclaimed by other CEOs who had lauded him earlier. “He who holds the most bitcoin at the conclusion of the game is the victor.” The crowd cheered.

Following Saylor was Ross Ulbricht, a speaker who had gained near-mythic status among devoted bitcoin followers. Recognized as a foundational figure in bitcoin’s history, the Silk Road was one of the first major dark web drug markets, effectively demonstrating a viable use case for buying illegal substances online. As one former Silk Road customer, now a member of the crypto industry, conveyed to me, the Silk Road was perhaps the greatest onboarding experience in bitcoin history. For years after Ulbricht received multiple life sentences without the possibility of parole, advocates rallied for his release, culminating in a pardon from Trump on January 21 of this year.

After an introductory video chronicled his years in prison alongside clips of him surfing, swimming, and diving into waterfalls, Ulbricht appeared to warm applause. However, the audience had thinned since Saylor’s commanding speech—some seats were empty—and would likely continue to do so as Ulbricht spoke. He attempted to engage the crowd with a shout of “Freedom!” and an uplifted fist.

Silk Road founder Ross Ulbricht, who was pardoned by Donald Trump earlier this year, delivered the conference’s final keynote speech.

David Becker for BI

“I’m incredibly grateful that we elected him, and that he is who he is,” Ulbricht expressed regarding Trump. “He possesses integrity.”

Despite the pivotal role Ulbricht played in bitcoin’s early development, the movement appeared to have progressed beyond him. In his address, he mentioned initiating the Silk Road but largely refrained from discussing the reasons that led to his imprisonment, the drug war, or the flawed criminal justice system (notably, some Silk Road investigators were prosecuted for pilfering evidence). He touched on some general principles, but it ultimately amounted to a lengthy presentation devoid of focus from a figurehead whose relevance seemed more pronounced during his confinement.

Ulbricht shared an elaborate anecdote about renting a secluded cabin to cultivate magic mushrooms for his burgeoning drug trade, only to discover it infested with seven wasp nests. These wasps symbolized some of Ulbricht’s cherished values—freedom and decentralization. Yet, they lacked another principle, unity, which enabled him to eliminate each nest without difficulty. The type of unity Ulbricht sought remained ambiguous.

With crypto having re-emerged into the spotlight, an air of rebellion lingered throughout. A company named BitcoinOS was promoting a lottery for a foreign passport. A Tax Network USA sign brazenly advertised, “Ask Us About Tax Avoidance.”

David Becker for BI

Ulbricht’s stoic commitment to decentralization failed to captivate the crowd as much as Saylor’s promises of shared access to the perpetual wealth of half the world. The closing keynote of the conference—a highlight event celebrating the tenth anniversary of his sentencing—resulted in a lukewarm reception and a rush toward the exits. This was supposed to be Ulbricht’s moment. That day featured a special lunch in his honor, part of the many fundraisers that have followed his release. The conference also included auctions of his prison art and the jumpsuit he wore on the day of his release. Slogans like “Free Ross,” which had graced stickers at every bitcoin event for ten years, had triumphed. But bitcoin’s most prominent political prisoner had come across as dull, delivering abstract reflections on freedom and wasps.

Later that night, I attended another bitcoin-related party at a nightclub in the Venetian. A healthcare recruiter in her late 40s named Jen, residing in Atlanta, told me how she transitioned her retirement funds into bitcoin tokens and shares in bitcoin ETFs. The DJ played hitting contemporary tracks while a blend of middle-aged enthusiasts and Gen Z partygoers grooved with one another. Some women donned gravity-defying gowns while dancing on an elevated bar, with velvet ropes indicating exclusive areas, where tables fetched a few thousand dollars.

“I’ve faced challenges introducing my friends to bitcoin,” she lamented. However, her bitcoin investments had surged by 140% in the past year. Wasn’t that evidence of success? She inquired if I had made similar investments. My hesitant response about not investing in what I cover and lacking a substantial retirement fund seemed to perplex her, eventually morphing her expression into one of deep concern.

“You must do it.”

I assured her I would.

Jacob Silverman is the author of “Terms of Service: Social Media and the Price of Constant Connection” and co-author of “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud,” which became a New York Times Bestseller. His upcoming title, “Gilded Rage: Elon Musk and the Radicalization of Silicon Valley,” is set for publication by Bloomsbury in October.

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