Swan Bitcoin has canceled its highly anticipated Pacific Bitcoin Festival 2024, which was set to take place in October in Santa Monica, California.
Swan Bitcoin has canceled its Pacific Bitcoin Festival 2024, which was set to take place in October in Santa Monica, California. The decision comes after recent staff cuts and a shift back to the company’s core business.
Swan Bitcoin Cancels Pacific Bitcoin Festival 2024
According to Swan Bitcoin’s CEO, Cory Klippsten, “it doesn’t seem like the right time for a festival” following the company's announcement of staff cuts in July.
The financial services firm Swan Bitcoin has canceled a cryptocurrency conference it planned to host in California in October. In a post on X on August 5, Swan Bitcoin CEO announced that the company will not hold the Pacific Bitcoin Festival.
Hey Bitcoiners, we just made the tough decision to cancel @PacificBitcoin this October.
We’re fully focused on @Swan’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.
The refund process is…
The event, which was originally scheduled to take place in Santa Monica, California, from October 18 to 19, was about two months away at the time of the cancellation.
Company Plans Smaller October Event and Full Conference for 2025
“We are fully focused on [Swan Bitcoin’s] core business right now, and after going through a staff reduction last month, it just doesn’t seem like the right time for a festival,” Klippsten said.
Klippsten announced in July that the financial services firm had abandoned its immediate plans for an IPO after shutting down its cryptocurrency mining arm, which launched in 2023. At that time, the CEO said staff cuts had been made “across many functions.”
According to Swan Bitcoin’s CEO, the firm will host a “smaller, one-day event” on October 17 but plans to return with a full conference in 2025. The announcement came just weeks after one of the largest cryptocurrency conferences in the U.S., Bitcoin 2024, was held in Nashville.
Speakers at the Pacific Bitcoin Festival would have included Bitcoiner Max Keiser, who has been behind many efforts to boost Bitcoin adoption in El Salvador, and Marathon CEO Fred Thiel.
Conclusion
Although the Pacific Bitcoin Festival 2024 has been canceled, Swan Bitcoin plans to organize a smaller event in October and return with a full conference in 2025.
The company continues to adjust its strategy following recent changes.
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