The annual meeting at the Swiss mountain station of Davos from January 22 to 25, attended by business leaders, politicians and economists are in progress. The cryptocurrency is once again on the agenda, but so far the discussions that emerged from the conference have been mixed, giving attendees a lot of FUD to reflect on.
Cryptocurrencies in the agenda of Davos
This year many high-profile government representatives abandoned attendance at the Davos conference aimed at the world’s elite. President Donald Trump canceled his trip due to the closure of the current government, French President Emmanuel Macron said he would not attend after weeks of protests in France, and the UK Prime Minister, Theresa May withdrew, due to the complications caused by Brexit.
Despite the high profile dropouts of the show, it must continue. The delegates in the Swiss complex have been busy discussing the main problems related to cryptography. Bloomberg TV reports that Huw van Steenis, Senior Adviser to the Govenor, Bank of England, said: “Cryptocurrencies do not pass the fundamental tests of financial services.”
During a panel hosted on CNBC, Jeff Schumacher, founder of BCG Digital Ventures, said: “I think [bitcoin] will go to zero. I think it’s a great technology, but I do not think it’s a coin. It’s not based on anything. ”
Representatives maintain a low profile
From the conference, Angel Versetti, CEO of the decentralized internet of things network said: “There is a general feeling of uncertainty and concern in the air, with broader and threatening macro trends that indicate a potentially imminent global crisis not only economically, but also politically in different areas.”
Compared to Davos 2018, many cryptographic delegates maintain a low profile this year. Versetti said: “Already, almost all the great powers have canceled their assistance; The heads of state of Russia, China, the United States, France, the United Kingdom and India chose not to attend. In general, everything is toned down compared to last year. ”
In 2018 we witnessed economic growth and the World Economic Forum (WEF) took place when cryptocurrencies were near their maximum value. Versetti said: “While last year, people talked about cryptography and blockchain anytime and anywhere, this year there is relatively little discussion around them.”
Another observation made in Davos on January 23 is that the showy crypto pavilions of last year, such as Consensys and Global Blockchain Council, have become much more modest and low profile.
“One can feel the cryptography crisis there, because the pavilions are never full and most of the guests are from the cryptographic space itself, instead of other industries. As 1 percent continue to come and go about their position in cryptography, the skepticism of the big bankers about the role of the cryptocurrency in finance is unwavering. Some cryptographic events even closed their pavilions and canceled their participation completely, “said Versetti.
Some attendees remain positive despite all the pessimism and pessimism talks in Davos. Michael Sung, a technology investor and co-director of the fintech research center, told news. Bitcoin.com: “This year, crypto will eventually grow and become real, where technology, business models, traction in industries and regulation are maturing simultaneously to enable practical business applications. We are waking up from a cryptographic hangover where the undisciplined enthusiasm of last year will lead to a better behavior that will lead the industry to professionalism, so that institutional participation will be possible.”
More balanced panels and shared views
A key panel in Davos, called Building a Sustainable Crypto-Architecture, was more interesting as it presented a range of balanced views. The panel confronted well-known Bitcoin skeptics Gillian Tett of FT and Ken Rogoff of Harvard against the founders of Circle, backed by Goldman Sachs and Bitpesa.
As noted by the panelists of Building a Sustainable Crypto-Architecture, it is likely that the regulation of cryptocurrency space will increase. Regardless of the position taken by lawmakers, this is for sure: business leaders will continue to go to Davos every year and the vast majority will continue to be very wrong about Bitcoin.
Also published on Medium.