Bitcoin Vegas Belongs to the Suits Now

Welcome back to the Now Newsletter. I’m Matt Medved, reporting live from the Bitcoin Conference in Las Vegas.

It’s quite the scene out here on the Strip where crypto nerds, libertarian diehards, and MAGA bros in red sequined “DJT” jackets now find themselves rubbing shoulders with U.S. senators and the sitting Vice President.

I’ve attended previous iterations in Miami and Nashville, but there’s a distinctly different energy in Vegas this time around. Perhaps it’s Bitcoin’s new all-time high this past week, but the excitement feels deeper than price action. 

Past conference editions leaned fringe. Bitcoin was a countercultural movement that united a ragtag bevy of crypto-anarchists, gold bugs, and internet misfits under the banner of a decentralized financial system. 

But this year, the mix has shifted. The suits are real. A record number of politicians and administration officials are on the speaker lineup. Traditional finance giants are making forecasts and hosting cocktails. What started as an outsider rebellion is now courting power from the inside.

Let’s dive into the highlights from Bitcoin Vegas — and what they signal about where this movement is headed.

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JD Vance Sticks to the Script

There was a time when showing up to a Bitcoin conference could sink a political career. On Wednesday, the Vice President of the United States walked into one — and got a standing ovation.

“I’m here today to say loud and clear, with President Trump, crypto finally has a champion and an ally in the White House,” Vance said to a capacity crowd.

Vance’s remarks were a mix of familiar red-meat lines and reminders of the Trump administration’s clean break from the Biden years. He used the pulpit to urge Congress to pass the GENIUS Act, hailing the adoption of stablecoins as “a force multiplier of our economic might,” rather than a threat to the U.S. dollar.

It was clear the VP had studied President Trump’s speech last year, echoing the crowd-pleasing rhetoric that landed well with the event’s eclectic attendees.

“We reject regulators,” he declared to roaring applause. “We fired Gary Gensler and we’re going to fire everyone like him.”

Crypto’s New Era Is Playing Out in Policy

In 2024, the Bitcoin Conference rode the current of campaign promises against an election-year backdrop. In 2025, it’s evolved into a full-fledged policy proving ground for the Republican Party.

In addition to Vice President Vance, the speaker lineup included Senators Cynthia Lummis, Marsha Blackburn, Bill Hagerty, and Jim Justice, along with House Majority Whip Tom Emmer and Representatives Byron Donalds and Bryan Steil. The White House was formally represented by David Sacks, the administration’s A.I. and crypto czar, and Bo Hines, Executive Director of the President’s Council of Advisors for Digital Assets. Donald Trump Jr. and Eric Trump also appeared as vocal family allies of the administration’s crypto pivot.

Put simply, policy took center stage this year. Lummis drew applause early with a forceful declaration: “Bitcoin is such an important global strategic asset… even our military generals say it’s a deterrent to aggression, especially from China.” Later, during a stacked stablecoin panel featuring Steil and Lightspark CEO David Marcus, Hagerty thundered, “We’re going to pass the GENIUS Act and open the door to innovation.”

In a fireside chat with Sacks, Gemini co-founders Cameron and Tyler Winklevoss reflected on the previous administration’s Operation Chokehold and the moment they were down to their last bank account. And Donald Trump Jr. framed broader crypto adoption as inevitable. “The latest adapters are going to fare the worst,” he proclaimed.

The message from Vegas was clear: the days of dismissal are over. The era when crypto was marginalized feels like a distant memory, replaced by full-on jockeying for power in a movement that now commands real capital and votes. The house band’s instrumental takes on “We Are the Champions” and “Higher” by Creed only hammered it home.

Ross Ulbricht’s Victory Lap

Last year’s conference carried the activist rallying cry: “Free Ross on Day One.” This year, that call has turned into a celebration.

While the recently pardoned Silk Road founder will close out the conference tonight, Ulbricht’s presence is already being felt throughout the event.

A collection of personal artifacts from Ulbricht’s past is now up for auction on Bitcoin-native platform Scarce City — and on display in a “Freedom”-emblazoned installation at the center of the conference floor, including his prison-issued sneakers and a series of oil paintings created while incarcerated. 

On Thursday, the conference hosted a “Welcome Back” lunch onsite, where Ross gave brief remarks to attendees who paid $300 for entry (or $5,000 to sit at UIbricht’s table). TRON founder Justin Sun even gifted Ross an edition of Maurizio Cattelan’s “Comedian” duct-taped banana artwork, which he purchased for $6.2 million last November. 

One of the more emotional moments at Bitcoin 2025 came at the Women of Bitcoin Brunch, where his mother Lyn Ulbricht introduced a new nonprofit: Mothers Against Cruel Sentencing (MACS).

Launched on-site in Las Vegas, MACS aims to reform extreme sentencing practices and support families of nonviolent offenders serving disproportionately long prison terms.

“Multiple thousands of people, many of them nonviolent like Ross, are serving extreme sentences — locked away for years, decades, even lifetimes,” Lyn Ulbricht said.

Ordinals Are Still Niche, But No Longer Ignored

Bitcoin culture didn’t command the main stage this year, but its rise was unmistakable — from side panels and satellite events to gallery pop-ups.

Marketplace Magic Eden kicked off the week with a formal BitGala event at the Wynn on Monday night, bringing together builders and influencers across the space. On Tuesday, Inscribing Vegas took over the Illuminarium with a day-long Ordinals-focused summit, featuring protocol creator Casey Rodarmor alongside artists like Post Wook and Harto. The night wrapped with an afterparty hosted by Pizza Ninjas — true to form, complete with slices and inscriptions.

We made a special announcement during Bitcoin Vegas last night — BTC Now is coming 📣

Our new content vertical will focus on culture on Bitcoin, from the rise of Ordinals and Runes to the chain's growing imprint on pop culture

We’re excited to spotlight the builders and… pic.twitter.com/e9unaHGRIJ

— Now Media (@nowmedia) May 29, 2025

Wednesday night played host to two major Ordinals events. Taproot Wizards turned Discoshow into a glow-in-the-dark ritual, outfitting the crowd with silver wizard hats and robes, as well as McDonald’s-themed merch — a tongue-in-cheek jab at the recent slump in Ordinals prices. Meanwhile, marketplace Trio took over Mike Tyson’s Tiger Mansion for a bumping house party that featured a DJ set by yours truly and a special announcement: our upcoming BTC Now vertical, dedicated to covering culture on Bitcoin.

Quirky and offbeat by design, the campy side events may have drawn smirks and stares from the core conference crowd — but the growing footprint of Bitcoin’s cultural layer was hard to ignore this year.

That divide runs both ways, says Ordinals artist and builder Billy Restey. “Bitcoin used to be cool, culture is definitely shifting,” he said, highlighting a litany of cringe factors from the main conference. “We’re losing the edginess. Glad we have Ordinals.”

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