WEF Davos 2024: Crypto Predictions, and the Pivot to AI
Once again the social elite gathered in Davos for the World Economic Forum (WEF) – a global event bringing together the most influential players in politics and business to discuss the upcoming trends in business.
For the last seven years, crypto players have edged their way into Davos during the WEF. Who can forget 2017 (peak crypto) and crypto was the hottest trend and the talk of the town not forgetting the initial coin offering (ICO) phase.
After the ICO bubble popped there was an attempt to make “security token offerings” (STOs) and “initial exchange offerings” (IEOs) a thing but this fizzled out too.
In 2018, the WEF saw more chatter around Bitcoin and how some cryptocurrencies were a fad, but blockchain technology was here to stay. Then eventually crypto and blockchain technology took a back seat at Davos and chatter around the importance of regulation continued on a yearly basis.
In 2019, attendees continued to try and revive the sector, with many verbally bashing crypto as fad. Back then at the WEF, Jeff Schumacher, founder of BCG Digital Ventures, said: “I do believe it [bitcoin] will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.”
Between 2020-2023 (excluding 2021 when the WEF was cancelled due to Covid) – crypto continued to remain on the outskirts – although addressed and included (for diversity) it is no longer the hot new trend as it was in 2017. Despite crypto players desperately trying to revive the sector with cool afterparties and Bitcoin pizza day – crypto remains niche, a bit like Marmite.
Here is a round up of some of the interesting coverage coming out of Davos relating to the cryptocurrency sector.
Reuters, Divya Chowdhury and Lisa
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