On Wednesday, McAfee blamed the recent market slump on unfounded fear of government intervention. He urged cryptocurrency holders -- one of whom sported a “Buy The Dip” t-shirt -- to stick with their bets.
“You cannot force a ban on a distributed system,” McAfee said in an interview after his speech. “It’s like how do you ban smoking weed? You can’t ban it. People will come back.”
Not every conversation on the Blockchain Cruise revolved around cryptocurrencies. Attendees, unsurprisingly, had plenty to say about blockchain -- the distributed ledger technology that underpins Bitcoin -- and its potential to improve industries from finance to health care.
Charity was also a topic raised by speakers including Moas, who urged the audience to donate some of their newfound wealth and help reduce global inequality.
Many attendees have far more than they need.
Rowan Hill, a former coal miner in Australia, said he retired by 26 after getting in on the crypto boom early. After the cruise, he’s heading to Japan for a four-week snowboarding trip.
“A lot of people can’t stand the price swings” in digital currencies, Hill said, donning a fedora and sunglasses as he lounged on the beach. “The average person just sells, and they lose out.”
Joe Stone, an Australian who invests in digital assets, said market declines are easier to bear in the company of fellow enthusiasts. For many on the cruise, the next stop is another cryptocurrency conference in Bangkok.
“There’s nowhere I’d rather be,” said Stone, after a late night of mingling at the ship’s cigar bar over whiskeys. “Otherwise I’d just be at my computer.”
This article was provided by Bloomberg News.