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The mix of retail and institutional, DeFi and TradFi, suits and T-shirts has been a staple at Permissionless since the inaugural event in 2022. Crypto influencers and US senators find themselves under the same roof this year for three days in Utah.
But the circumstances this year are special. When Permissionless III wraps on Friday, there will be 26 days left until the 2024 presidential election. This reality has crept into almost every discussion, both on stage and on the expo floor.
“I think it is bullish if Trump wins, and it’s probably negative for a little bit if [Harris] wins,” Dan Tapiero, founder of 1Roundtable Partners and 10T Holdings, said during a Thursday panel discussion. “But the reality is that this move toward putting all value on a blockchain is bigger than one election.”
The comments contrast a widely accepted narrative from many industry players — and certain politicians — that a second Donald Trump presidency will lead to a more friendly environment for crypto in the US.
“He’s evolved on this issue to the point where he’s going to advocate for it,” House Majority Whip Tom Emmer told Blockworks of Trump’s crypto stance and the about-face he’s done in recent months.
“[Harris] doesn’t know what she’s talking about,” he added.
Couple the looming election with increasingly uncertain macroeconomic conditions and a crypto market that just can’t seem to take off again, and you paint a somewhat bleak picture. Still, the speakers in Salt Lake City managed to bring some levity to the situation: Focus on the memes.
“I don’t want to wax too philosophical here, but partially because the transparency of mobile phones, trust in US institutions has really gone down,” VanEck CEO Jan van Eck said on stage.
“Trust in Congress, trust in academia, trust in mainstream media has basically disappeared,” van Eck added. “The fact that some of the memecoins make fun of some of that, I think, is great. It’s a joyful response, a social response.”
Aside from politics and memecoins, it just wouldn’t be a crypto conference if people didn’t talk about price action. Even as bitcoin dipped below $59,000 Thursday, the bulls were unphased.
Tapiero said he expects BTC to hit between $150,000 and $180,000 in two years or so.
Pantera Capital CEO Dan Morehead threw out a number too: $117,000 by August 2025.
Van Eck didn’t share a specific price expectation, but added with a smile: “I think we’re all bulls on this stage.”
Ben Strack contributed reporting.