This week, about 15,000 people from more than 100 countries gathered in Toronto for Consensus, the world’s most prominent crypto conference. Here’s why that matters.
Extreme remote work: The tech world loves conferences, but the crypto world loves them even more. Since anyone can participate in building and trading on blockchains, the communities that develop around them are often scattered around the world and may not even know each other’s real names, since participation is anonymous by default. Conferences present an opportunity to meet face to face, and many of the industry’s business leaders and developers spend their year jetting from one to another.
Coming to a Consensus: Widely regarded as the marquee event of the crypto conference calendar, this year marks the first time Consensus is held in Canada. Lucas Matheson, head of Canada for American crypto giant Coinbase, said in an interview that having the conference here is “a really big positive for Canadians,” since it will raise awareness of digital assets. Toronto will only get a one-time boost, however. Consensus will be held in Miami next year, where it will stay for “the first of several years,” according to welcome remarks from chair Michael Lau.
Feeling bullish: Crypto prices have been riding high since the election of President Donald Trump, who has pledged to enact policies to make the U.S. the “crypto capital of the world.” The influx of money at this year’s confab was palpable. Speakers and holders of the US$9,000 “Piranha pass” enjoyed massages and barista-made espresso drinks to order in the VIP lounge. Those who weren’t so lucky lined up for Montreal smoked meat sandwiches and slices from Pizza Pizza, sporting the usual crypto-conference combo of suits and hoodies.
The Trump trade: Attendees descending the escalator to reach the conference were greeted by a huge banner featuring headshots of Donald Trump’s son Eric Trump and Asher Genoot, CEO of Canadian-founded bitcoin miner Hut 8. “WELCOME TO A NEW ERA,” declared one banner, as others along the escalator promised “THE NEW STANDARD IN BITCOIN.” Hut 8, which is now based in Miami, recently traded the majority of its bitcoin mining operations for an 80 per cent stake in American Data Centers, a company backed by Eric Trump and Donald Trump Jr. American Data Centers changed its name to American Bitcoin as part of the deal.
Lucas Matheson, Coinbase Canada’s CEO, speaks at Consensus 2025 by Coindesk, in Toronto, Thursday, May 15, 2025. Photo: Cole Burston for The Logic
Speaking on Thursday’s panel, Genoot said American Bitcoin “will be one of the largest miners, one of the best bitcoin accumulators.” “I think the speed of execution of this company is going to be unlike anything the capital markets have ever seen before,” Eric Trump said.
Crypto controversy: American Bitcoin is one of the Trump family’s many crypto ventures, which have drawn criticism for their potential conflicts of interest. The group State Democracy Defenders Action recently released a report estimating the president’s crypto holdings represent US$2.9 billion, nearly 40 per cent of his net worth. Eric Trump also sits on the board of World Liberty Financial, a Trump family crypto venture whose stablecoin will be used by a state-backed Abu Dhabi investment firm to make a US$2 billion investment in crypto platform Binance. Some Senate Republicans recently raised concerns about a private dinner the president has promised to host with the top holders of his $TRUMP meme coin, arguing it amounts to charging for access. American Bitcoin announced plans this week to go public through a reverse takeover of Nasdaq-listed bitcoin miner Gryphon Digital Mining, which will provide another way to invest in the Trump family’s business ventures.
Speaking on a panel on Thursday, American Bitcoin chair Michael Ho said Eric Trump’s involvement in the firm is “going to bring more supporters and attention to the space,” but stressed he “is not related to anything on the political side.” “Eric is a private businessman, for sure,” Ho said.
Our home and native land: The president’s trade war and ongoing threats to Canada’s sovereignty loomed large over the conference. On another panel, Tom Farley, CEO of crypto firm Bullish, noted favourably that he “hasn’t sensed an anti-American bias” on this trip to Canada. As for Eric Trump, he opened his panel with a warm greeting. “How are you, Canada, it’s great to be up here!” he said to applause, before a standing-room-only crowd. “We love you guys very much.”
