Bitcoin crypto craze and Miami's big day

Bitcoin believers Jack Dorsey and The Winklevoss Twins are key speakers

The largest-ever cryptocurrency event, the Bitcoin Miami conference, kicks off Friday in Miami, Florida. 

The event comes amid a volatile time for the world's largest and best-known cryptocurrency which has fallen from its record $64,829 level to below $40,000, as tracked by Coindesk. 

The event, which is expected to bring in more than 50,000 people is sold out. Cryptocurrency believers will be flocking to hear the latest views from industry titans such as Twitter and Square CEO Jack Dorsey, The Winklevoss Twins – Cameron and Tyler – and MicroStrategy CEO Michael Saylor.

Bitcoin (Source: Coindesk)

BITCOIN PRICE AVOE $37,000 LEADS CRYPTOCURRENCIES HIGHER

Event organizers tell FOX Business the balance of attendees shakes out to be 80% domestic and about 20% foreign as of Wednesday. 

Ticker Security Last Change Change %
TWTR TWITTER, INC. 60.85 +0.14 +0.23%
SQ SQUARE, INC. 237.05 +0.92 +0.39%
MSTR MICROSTRATEGY, INC. 646.46 +15.65 +2.48%

It will also put Miami Mayor Francis Suarez into the spotlight as he looks to turn the city into a crypto hub.  His administration is exploring paying city employees in the digital currency as well as investing municipal assets in it. 

He will open the event with his keynote. 

In recent weeks, Bitcoin has taken a beating as the Chinese and United States governments have hinted at a potential regulatory crackdown on cryptocurrencies. The rise and fall of digital currencies has also been heavily influenced by remarks made by Elon Musk, who will notably not be in attendance at the Bitcoin conference, as of the publication date of this article. 

While acknowledging he is a proponent of cryptocurrencies, Musk has been critical of Bitcoin mining's impact on the environment and "insane" energy consumption. He recently reversed course on a decision by Tesla to accept Bitcoin as an alternative payment for its electric vehicles, though he assured that the company was holding onto its $1.5 billion Bitcoin investment made earlier this year. In order to address his environmental concerns, Musk recently formed a Bitcoin Mining Council with a group of other CEOs, which has sparked its own wave of criticism

The Securities and Exchange Commission has yet to confirm an official position on cryptocurrencies but Chairman Gary Gensler, who took the helm in April, has indicated the currency can exist with proper regulations to protect investors. 

Ticker Security Last Change Change %
COIN COINBASE GLOBAL, INC. 229.29 -1.37 -0.59%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 22.94 -0.75 -3.16%

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The event will run through Saturday, June 5 at the Mana Convention Center in Miami’s Wynwood neighborhood.

Fox Business' Bradford Betz contributed to this report.