Cryptocurrency’s Presence at the Davos World Economic Forum Grows

Despite the recent decline in market value, interest in the cryptocurrency space at the annual gathering of global elite at the World Economic Forum in Davos continues to grow.

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The Davos gathering of the World Economic Forum (WEF) has for many years been a leading gathering of powerful global players. From heads of state and finance ministers to billionaires and CEOs of large multinational companies.

The global elite, who gather in the highest city in Europe, a mountain resort built at an altitude of 1,560 meters, every year, rightly attracts the world’s attention. Either by raising questions about its purpose, or as hope once the world’s major players have the opportunity to speak and agree for the good of humanity. Something necessary in conditions of globalization.

The Davos gathering has taken on fictional proportions, giving rise to conspiracy theories as to the aims of the participants. On the other hand, distrust of the ‘commoners’ is not unjustified.

They fear that the global elite is looking after its own welfare, not that of the ordinary citizen. For example, contradictory messages are sent out when weighty statements are made about how necessary green energy is, which must go ahead even at a sacrifice, while on the other hand, the powerful participants arrive at the meeting in their private jets.

We do not know how true the fears of a global conspiracy are or how much power the German economics professor Klaus Schwab has to influence the heads of state. In any case, Elon Musk thinks they are exaggerations. That’s why he declined the invitation to attend, considering the others who will attend boring, not evil.

Cryptocurrency's Presence at the Davos World Economic Forum Grows
– German economics professor Klaus Schwab

Perhaps the truth is somewhere in the middle. There may be an attempt to influence world developments, but not with any serious success. Either way, our issue is cryptocurrencies and that’s where we’ll stay.

Because it is a fact that the crypto people had a presence in Davos this year as well. Not, of course, like last year, when they were going through the “fat cow” era.

However, the big companies and people in the space made their presence felt in the panels and discussions. Where else will they have the opportunity to find billionaire businessmen and heads of state gathered together?

One of the issues that engaged the Davos audience was how cryptocurrencies and blockchain technology will interact with other sectors. Technological or financial. To illustrate, one of the issues that guests addressed was whether stablecoins enhance or challenge the dominance of the dollar.

Above all, however, the dominant issues were energy consumption, new digital currencies of central banks and the credibility of the space after the bankruptcies that have rocked the crypto ecosystem. Some speakers wondered if the FTX collapse created a crisis of confidence in blockchain technology.

Proof that interest in the crypto space is growing despite the sharp decline in its market value was that while last year there were two panels dedicated to blockchain technology in the official program, this year there were seven, if we include the talks on legislation. However, the many large billboards with keywords such as “blockchain” and “Web3.0” were missing.

To summarize some statements, we should mention that Lynn Martin, president of the New York Stock Exchange, claimed that they are exploring the possibility through blockchain to ensure the efficiency of stock trading and reduce the clearing time to seconds, instead of the days it currently takes.

The UN High Commissioner for Refugees pointed out that humanitarian aid to Ukraine was a pilot project, from which it was concluded that through blockchain transparency and speed is enhanced.

Sending a sum of 500 million can arrive in a day, instead of weeks or months. A fact confirmed by the Deputy Prime Minister of Ukraine.

“We come with very strong weapons,” said Dante Disparte, chief strategist for Circle, the company behind the USDC stablecoin. As he argues, 2022 for crypto was the equivalent of the dot-com era.

Now we are in the next phase, where worthy executives are employed and creating quality content. The bad participants have been removed, but the technology is here to stay, built on the right foundations and solving real problems, he added.

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