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Crypto crowd’s shocking prominence in Davos

crypto
TL;DR Breakdown
  • Executives from the crypto sector descend on the annual event in Davos, Switzerland.
  • Business leaders and politicians seek to encourage faster adoption of their technology.
  • It comes after regulators warn small traders that the emerging assets ‘crypto’  can be high risk.

Even though the value of digital coins has recently fallen, blockchain and cryptocurrency companies have taken over the main street of Davos, Switzerland, for this year’s event.

The crypto industry has descended on the annual meeting of business leaders and politicians in the Swiss Alpine resort. They hope to stimulate faster use of their technology, which is mainly unregulated.

The Davos presence of the crypto crowd, despite being primarily on the fringes of the main show, comes when cryptocurrencies lost $800 billion in market value.

Regulators have warned that the emerging assets can be highly risky, yet small traders are flocking to crypto in the hope of quick gains. For example, once the eighth-largest digital coin supported by institutional crypto investors, Luna lost virtually all its value in the last few weeks.

CEO and co-founder of Circle Internet Financial’s USDC stable coin, Jeremy Allaire, talked about Luna’s collapse: 

How rapidly it all disintegrated in front of my eyes was a complete surprise to me. What I saw was unprecedented: A product that had all the makings of a high-growth contender go from prominent to nonexistent in the span of 72 hours

Jeremy Allaire

However, despite recent setbacks, crypto firms are still planning to show off their products and services.

Davos blockchain

According to CEO Dan Doney, Abu Dhabi-backed digital market infrastructure, Securrency Inc. made its debut appearance at Davos this year to create contacts and networks and showcase how it can integrate new technology and old banking.

Event organizers went a step further by putting digital currency panels up outside the main conference center’s security barrier, mimicking the World Economic Forum’s format.

Here is the best part:

To commemorate the event day back in 2010,  Lazlo Hanyecz paid for two pizzas with 10,000 bitcoins, then worth around $41. On the other hand, Tether, one of the most significant stable currencies in the world, gave up free slices to attendees. 

Here is the truth:

It has been a rough few months for Bitcoin, which plummeted to its lowest point since December 2020 earlier this month. It’s insane that in November, the value of the world’s most popular cryptocurrency, Bitcoin, reached $69,000. The chief operating officer of Casper Labs, a blockchain technology provider for enterprises sponsoring speakers and events, said this;

We’re used to this, and as the market grows, the peaks and valleys will be smoother 

Cliff Sarkin

According to Sarkin, the Casper coin, linked to the company’s technology, has taken a significant hit.

The World Economic Forum (WEF), which traditionally serves the financial elite, hosts panels on cryptocurrencies ecological imprint future and decentralized finance for the first time.

On the outside and inside of the conference gates, crypto’s footprint has been rising, according to Stan Stalnacker. Stan is the chief strategy officer of social media network Hub Culture and digital currency operator. Stalnacker estimated that blockchain and cryptocurrency companies occupied approximately half of the town’s stores during the event.

WEF’s agenda is on emerging technology’s impact on society and the economy

Female Quotient will launch its Metaverse headquarters during this year’s annual event. In addition to the Twin Lounge in Decentraland (MANA).

World leaders will hear from prominent Bitcoin community members like Sam Bankman-Fried about the cryptocurrency’s efforts to reduce its environmental footprint. During their discussion, the industry leaders will touch on some of the most contentious and sensitive ESG issues.

May 24 is the conference date.

Another important issue to keep watch on is the impact of decentralized financing on future governance. Discussions will occur about the need for centralization in the decision-making process. Also, whether DeFi protocols can function without regulation in this session. It’s definitely time for a fresh wave of technological innovation.

This year’s Fourth Industrial Revolution Lunch will bring together experts and thinkers from a wide range of fields. They will discuss the long-term impact of new technologies.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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