Swan Bitcoin, a financial services firm, canceled a cryptocurrency conference scheduled to take place in California in October.
After Swan Bitcoin announced staff cuts in July, CEO Cory Klippsten said, “It just doesn’t feel like the right time for a festival.”
The Pacific Bitcoin Festival will not be held in 2024, as Swan Bitcoin CEO Cory Klippsten announced in an Aug. 5 X post. Approximately two months before its cancellation, the event was scheduled in Santa Monica, California, from October 18 to October 19.
Klippsten stated, “We are currently entirely concentrated on the core business of Swan Bitcoin, and the timing of a festival is not conducive to our current objectives, particularly in light of the recent staff reduction.”
In July, Klippsten disclosed that the financial services company had abandoned its immediate plans for an initial public offering following the closure of its crypto mining division, which was established in 2023. The CEO stated that “staff cuts across many functions” had occurred then.
The Swan Bitcoin CEO stated that the company intended to hold a “smaller one-day event” on Oct. 17 but intended to return to a complete conference in 2025. The announcement was made mere weeks after Bitcoin 2024, one of the most significant cryptocurrency conferences in the United States, was conducted in Nashville.
Keynote speakers at the Pacific Bitcoin Festival would have included Marathon CEO Fred Thiel and Bitcoiner Max Keiser, who has spearheaded numerous initiatives to promote Bitcoin adoption in El Salvador.
