Axe throws and crypto wizards: Permissionless III is underway

Wizards on stage. Rock climbing. And don’t forget the axe throwing. 

These things and more helped set the tone during Permissionless III’s first day as thousands of crypto denizens descended on Salt Lake City. 

There’s excitement in the air as folks sit in on sessions focused on a variety of topics, from investing in private markets to a fireside chat with BlackRock’s Samara Cohen (we’ll get to that in a bit). 

One attendee remarked that they preferred Permissionless over other popular crypto events, remarking that it was “less of a zoo.”

Source: Mike Lawrence for Blockworks

While many attendees noted that the overall vibes were good, Ram Ahluwalia told me that he felt the vibes were “malaise.” 

For Ahluwalia, one question lingered above his head like a rainy cloud: Will the latecomers — who bought in as prices rose — HODL or dip once we carve out a new all-time high?

Source: Mike Lawrence for Blockworks

Blockworks Chief Operating Officer Sid Viswanath noted he’d received a lot of positive feedback from attendees, with some even remarking that they prefer the quality of the event, which is smaller than last year. 

As for the main stage, a16z crypto’s Chris Dixon was one of the first folks to speak at the conference on Wednesday. 

Dixon, appearing on the main stage, pushed for bipartisan legislation, noting that there’s a current “chill” on crypto due to the overall environment. 

The regulatory environment — which has become one of the most popular topics for crypto — was mentioned heavily throughout many of the panels, especially the ones that took place on the main stage. 

But there’s an undertone of bullishness rippling through the attendees and the speakers at this year’s event. And I’m not just writing that as a Blockworks staffer. 

Read more from our opinion section: Political candidates can no longer ignore crypto voters

BlackRock’s Samara Cohen gave some insight into IBIT’s investors and the appetite that the world’s largest asset manager has seen since launching its bitcoin ETF in January of this year. 

Cohen said that roughly 75% of buyers of IBIT were first-time iShare buyers, showing that the majority of the investors were crypto natives. 

Looking at 13F filings, she noted roughly 85% of the investors were direct buyers. 

“What we have actually seen is an appetite” for bitcoin ETFs, Cohen said. 

After her talk, one attendee commented that Cohen was “badass.”

Off the main stage, attendees filled up the so-called breakout tracks, or smaller panels, which began in the afternoon. 

In one such panel, a wizard — Taproots Wizard co-founder Eric Wall — sat next to Galaxy’s Alex Thorn as the two discussed bitcoin with Bankless co-founder David Hoffman. 

Hoffman will not only take the stage at Permissionless but will also be in the ring on Friday to take on Kain Warwick in a Karate Combat match.

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