At Bitcoin Conference, ‘No Bears Allowed’

Scaled-down gathering reflects crypto industry’s hardships in the past year

MIAMI BEACH, Fla.—This year’s annual bitcoin conference was for the die-hards. At the entrance, a sign proclaimed, “No bears allowed.”

It seems the bears stayed home. Organizers expected only half as many people to attend compared with last year when attendance hit a record 26,000. 

“The conference is a physical manifestation of the industry,”...