No room for crypto at the World Economic Forum in Davos?
At the somewhat controversial World Economic Forum in Davos, decision-makers discuss the biggest global challenges.
At the (somewhat controversial) World Economic Forum in Davos, decision-makers discuss the biggest global challenges. Where crypto used to be mentioned often, this year the topic is barely on the radar.
When the world's top leaders and business leaders meet in a small town in the Swiss Alps, there is a good chance the World Economic Forum (WEF) has invited them. In Davos, at an elevation of almost 1,600 meters, this select group discusses the economy and multiple global challenges – challenges like war, the climate crisis, inflation and the new Corona wave in China. If we look at this year's agenda, crypto plays a subordinate role. Whether it's Bitcoin, CBDCs or even NFTs: the crypto industry is flying under the radar this year among the Earth's rich.
Supply chains, blockchains and AI
Nevertheless, blockchain technology has reached the Swiss Olympus. In an article the WEF praises the combination of blockchain technology and the supply chain industry. However, they also mention the fact that blockchain technology still needs to prove its ‘real’ value in real-world applications, criticizes another article. Additionally, the forum wants to present a second prototype for the metaverse project launched last year. Moreover, the WEF emphasizes quantum computers, biotech and artificial intelligence. The latter is currently getting special media attention with the text-based dialogue system "ChatGPT".
This was different last year, when crypto promoters were found on almost every corner in Davos. Among others: Ripple CEO Brad Garlinghouse, Circle CEO Jeremy Allaire, the crypto-friendly mayor of Miami, Francis Suarez and the recently arrested FTX founder Sam Bankman-Fried.
Bad year
Meanwhile, the crypto sector is being pushed a bit further back in Davos in an effort to process the events of the crisis year 2022. The turbulence of the past months is probably one reason the crypto topic is only sporadically addressed at the World Economic Forum. The collapse of the Terra ecosystem, the downfall of Celsius and eventually the FTX debacle left scars. Calls for regulation are growing louder, even from within its own ranks. A topic that, according to Circle CSO Dante, should also be discussed at the WEF.
