November 20, 2021 was a day of stark contrasts in the crypto world. In El Salvador, thousands of Bitcoin enthusiasts from across the globe gathered for the closing day of LaBitConf — a week-long celebration of the world’s first Bitcoin nation. Meanwhile, in Europe, FC Barcelona was dealing with the fallout of a collapsed NFT partnership that exposed the risks of rushing into crypto deals without proper due diligence. Together, the two stories captured the dual nature of crypto’s mainstream moment: boundless optimism on one hand, and painful lessons on the other.
TL;DR
- LaBitConf 2021 closed on November 20 in El Salvador with President Nayib Bukele delivering a keynote address at Playa Mizata
- Over 4,000 crypto experts and enthusiasts attended the six-day conference in San Salvador
- Bitcoin was trading around $59,697, roughly 16% below its all-time high near $69,000
- FC Barcelona terminated its NFT partnership with Ownix after fraud allegations against the platform’s owner, Moshe Hogeg
- The partnership lasted only two weeks before being cancelled
LaBitConf: A Party for Bitcoin’s First Nation
The Latin America Bitcoin and Blockchain Conference, known as LaBitConf, wrapped up on November 20 after six days of conferences, panels, parties, and impromptu gatherings across El Salvador. The event was the centerpiece of what locals dubbed “Bitcoin Week” — a celebration of the country’s September decision to adopt Bitcoin as legal tender, making it the first sovereign nation to do so.
Hundreds of Bitcoin proponents descended on the capital city of San Salvador, wearing hats emblazoned with Bitcoin’s symbol and T-shirts with the crypto mantra “buy the dip.” The atmosphere was equal parts tech conference and music festival, with attendees bouncing to Latin rap music outside the Teatro Presidente while downing local beers and debating the future of money.
The conference concluded with a keynote address by President Nayib Bukele at Playa Mizata in La Libertad. Over 4,000 experts and enthusiasts attended the event across its six-day run, according to local media reports. During the conference, Bitcoin advocate Max Keiser praised El Salvador’s move, calling Bukele “the new George Washington” and describing Bitcoin adoption as the country’s “Declaration of Independence for the 21st century.”
Bullish Despite the Dip
The timing of the event was notable. Bitcoin had been sliding throughout the week, declining every day except Friday and ending the week roughly 16% below its all-time high of nearly $69,000, which it had reached earlier in November. As of November 20, BTC was trading at approximately $59,697 with a market capitalization of $1.127 trillion, according to CoinMarketCap. Ethereum was at around $4,409.
But the price dip did little to dampen spirits. Conference speakers predicted Bitcoin could reach anywhere from $400,000 to $1 million in the coming years. Jose Luis Guillen, CEO of Guatemala-based Bitcoin exchange Coincaex, summed up the sentiment: “I don’t worry about the price in the long term. Bitcoin is in a 13-year-long bull market.” Guillen noted that his exchange had seen a significant increase in clients over the past year as inflation accelerated in the United States, and that his customer base was shifting older — from 20- and 30-somethings to the 45-to-65 age demographic.
Attendees like Jerri Schick, who traveled from Galveston, Texas, shared personal stories about how rising inflation had driven them to Bitcoin. Schick, who owns a recreational vehicle park, said she began purchasing Bitcoin in February and tries to buy between $20 and $100 worth daily, with her portfolio up 40% since she started.
FC Barcelona’s NFT Deal Goes Sideways
Half a world away, a very different crypto story was unfolding. On November 18 — just two days before LaBitConf’s closing ceremonies — FC Barcelona, the world’s largest soccer club by revenue, announced the immediate cancellation of its marketing contract with NFT marketplace Ownix. The partnership had been announced just two weeks earlier and was supposed to feature digital collectibles commemorating the club’s 122-year history.
The catalyst for the cancellation was the arrest of Moshe Hogeg, the Israeli entrepreneur behind Ownix, on allegations of cryptocurrency fraud. Hogeg was also accused of sexual assault, though it was the fraud charges that prompted Barcelona to act. In an official statement, the club said: “In light of information received today that goes against the club’s values, FC Barcelona hereby communicate the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”
The rapid rise and fall of the partnership highlighted the growing pains of the NFT market. Major brands and sports franchises were rushing to launch NFT projects amid the booming market, but the Barcelona-Ownix debacle served as a stark reminder that due diligence matters — especially when partnering with startups in a largely unregulated space.
El Salvador’s Growing Bitcoin Reserves
As Bitcoin Week wrapped up, El Salvador’s government continued to add to its national Bitcoin reserves. By late November 2021, the country held approximately 1,220 BTC in its treasury, acquired at various price points throughout the year. President Bukele had become famous for announcing Bitcoin purchases on social media, often buying during price dips — a strategy that drew both admiration and criticism from the international financial community.
The International Monetary Fund (IMF) had been openly critical of El Salvador’s Bitcoin adoption, warning about risks to financial stability and the potential for money laundering. But attendees at LaBitConf largely dismissed these concerns, pointing to the broader trend of inflation and monetary debasement in developing economies as the real risk that Bitcoin was designed to address.
Why This Matters
November 20, 2021 was a microcosm of crypto’s broader evolution. In El Salvador, Bitcoin was being celebrated as a tool of financial liberation — a way for people in inflation-ravaged economies to opt out of broken monetary systems. In Barcelona, the hasty cancellation of an NFT deal exposed the risks that come when traditional institutions rush into crypto partnerships without thorough vetting. Together, these stories illustrate the two sides of the same coin: crypto’s enormous potential to reshape finance and culture, and the growing pains that inevitably accompany that transformation. For El Salvador, Bitcoin Week was a declaration of conviction. For FC Barcelona, it was a lesson in caution. Both are instructive for anyone watching the space.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
4000 people in san salvador for labitconf while bukele was buying the dip at 59k. what a time to be alive
fc barca partnered with ownix for 2 weeks before finding out the owner moshe hogeg was a fraud. due diligence? never heard of her
^ 2 weeks lol. someone in the partnerships team definitely got fired over that one