WEF 2023: Blockchain persists amid crypto winter

Recently the World Economic Forum came together in Davos, Switzerland and this conference had its share of crypto players and mini-conferences. If you see it as just a conference, it is not a remarkable development that crypto is an agenda in this conference. However, the surprise is the intensity of this presence. Given the bear market and the talk of crypto winter, the number of crypto-themed meetings and panels conducted in Switzerland has increased two-fold compared to last year, with trends indicating a notable shift towards blockchain and other practical crypto applications.

Also Read: Hong Kong to Proceed with its Global Crypto Hub Plans

What Changed Between May 2022 And January 2023?

It is natural for a blooming industry to take more coverage over the years during its peak regime. However, May 2022 was way before the crypto stagnation, the fall of iconic crypto coins, and the collapses.  Today, the entire crypto market is being questioned by many, approved by many, and the climate is quite cat-on-the-wall. However, industry representatives are taking Davos into crypto-focus. Beyond companies conducting mini blockchain conferences and sessions, several predominant figures of the crypto ecosystem had their attendance.

The WEF sessions and the mini-conferences were flooded by several UN representatives, lawmakers, officials of Commodity Future Trading Commission, Casper Labs, Filecoin Foundation, Global Blockchain Business Consortium, and the list goes on interestingly.

Also Read: Cannabis Producer in California Adopts Blockchain Technology to Track Weed

Keypoint Of This Davos Crypto-Party

Several international agency representatives, government officials, and lawmakers spoke during multiple crypto-specific events and panels. According to the WEF press release, more than two thousand world leaders and their teams were in attendance.

Given the crypto winter, people expected FTX and market collapse to be a significant area of debate. And FTX did come up on several occasions. However, the entire lot was more eager to move past it and get their focus on other aspects of the crypto world. 

Viewpoints About WEF

Not everyone present at WEF was welcoming to the crypto craze. Several digital industry players made sure to stay away from these discussions. Several players raised concerns that they preferred the forum to focus on the practical application and utility value of new technology.

According to Raghuram Rajan, former RBI governor, the digital asset plunge enabled investors to find and appreciate the actual value of the underlying architecture. When talking about crypto, he mentioned that the world is at the right place on that front.

WEF was not just focused on the growth and hype of crypto. Beyond those, the Davos executives focused on blockchain technology, its effect on financial services, proper regulations, and more. Others mentioned while crypto is an infrastructure for today and tomorrow; it would be a different asset.

The Noise Around The Crypto Market

Since the last WEF, the crypto market value hadn’t shown a positive outlook. As a result, many significant players are falling off the chart, and investors are shying from riskier asset classes. In late 2021, the market was at its peak, and since then, it has shrunk its value thrice by 1.4 trillion dollars.

UBS chairman Colm Kelleher feels like he dodged a bullet when the collapse did not create systemic problems. Moreover, he mentioned that before the industry dives into blockchain, it has to deal with the basics like AML control.

Conclusion

The best way to conclude this is by reiterating the words of Anthony Scaramucci, founder of SKyBridge Capital – crypto is establishing its presence. While some call crypto companies billion-dollar enterprises, others feel the industry has lost its swagger. However, the overall verdict is that the world leaders at Davos believe in crypto and its positive growth.