Swan Bitcoin has announced the cancellation of a major cryptocurrency conference planned for October in California, following recent organizational changes and a reduction in staff.

On August 5, Cory Klippsten, CEO of Swan Bitcoin, shared on social media that the Pacific Bitcoin Festival, initially scheduled for October 18-19, 2024, in Santa Monica, California, would not take place as planned. The decision to cancel the event came approximately two months before its scheduled date.

“We’re completely focused on Swan Bitcoin’s core business right now, and after reducing staff last month, it just doesn’t feel like the right time for a festival,” said Klippsten.

In July, Klippsten announced that the company had decided to halt its plans for an initial public offering and had shut down its cryptocurrency mining division, which began operations in 2023. This decision was accompanied by staff reductions across several departments.

Despite the cancellation of the festival, Klippsten stated that Swan Bitcoin would still host a “smaller one-day event” on October 17, with plans to return to a full-scale conference in 2025. This announcement came shortly after Bitcoin 2024, one of the largest cryptocurrency conferences in the United States, took place in Nashville.

The Pacific Bitcoin Festival had planned to feature notable speakers, including Bitcoiner Max Keiser, known for his work promoting Bitcoin adoption in El Salvador, and Fred Thiel, CEO of Marathon.

Source: Cointelegraph