Crypto news update:
Swan Bitcoin, a financial services firm, has canceled a cryptocurrency conference it had planned to host in California in October.
On August 5, Swan Bitcoin CEO Cory Klippsten announced via an X post that the Pacific Bitcoin Festival, initially scheduled for October 18-19 in Santa Monica, California, would not take place in 2024. The decision to cancel came about two months before the event.
“We’re fully focused on [Swan Bitcoin’s] core business right now, and after going through a staff reduction last month it just doesn’t feel like the right time for a festival,” said Klippsten.
In July, Klippsten revealed that the firm had abandoned its immediate plans for an initial public offering and had shut down its crypto mining division, which was launched in 2023. At that time, he noted that there had been “staff cuts across many functions.”
Despite the cancellation, Swan Bitcoin plans to host a smaller one-day event on October 17, with intentions to resume the full conference in 2025. This announcement followed the recent Bitcoin 2024 conference, one of the largest cryptocurrency events in the United States, held in Nashville.
The Pacific Bitcoin Festival was set to feature speakers such as Bitcoiner Max Keiser, who has been influential in promoting Bitcoin adoption in El Salvador, and Marathon CEO Fred Thiel.
