Over the past three years, the Bitcoin conference held in Miami has become a notable event, characterized by extravagant yacht parties, casual attire like tank tops, and displays of wealth such as McLaren cars. The conference has become a platform for celebrating the opulence of the newly affluent in the cryptocurrency world, often highlighting a distinct and predominantly masculine form of financial tribalism.
While this year’s conference saw smaller attendance and reduced enthusiasm compared to previous years, it also witnessed a remarkable and unconventional demonstration of excess. During the event, a pseudonymous conceptual artist named OONA managed to sell a loaf of bread to a collector for 0.5 BTC, equivalent to approximately $13,400. This transaction broke new ground, showcasing a different type of eye-catching extravagance within the cryptocurrency space.
The transaction was not a prank or a joke. The loaf of perishable country bread was genuine and was indeed sold to a man named Vladimir Kravets, who actually paid a substantial amount of money for it.
— OONA: $EX & $PECULATION (@madebyoona) May 19, 2023
To be fair, the loaf of bread, created in collaboration with the Bitcoin NFT marketplace DIBA, differed from typical store-bought loaves as it contained a hardware wallet holding an undisclosed amount of BTC. However, both the artist and Kravets have no intention of revealing the specific amount.
This decision might be because the true worth of the artwork, titled “Bit.Bread,” goes beyond monetary value. Similar to OONA’s previous pieces, it explores the concept of value perception, particularly in relation to gender—a sensitive topic within the predominantly male-dominated crypto industry.