Cryptocurrency is a hot topic at Davos World Economic Forum 2018
This year at World Economic Forum, one of the hot topics is cryptocurrencies. And the system behind it: Blockchain. ConsenSys, a Brooklyn company that develops blockchain applications, is also setting up an “Ethereal Lounge.”
World Economic Forum defines its vision as “Blockchain or distributed ledger technology, could soon give rise to a new era of the Internet even more disruptive and transformative than the current one. Blockchain’s ability to generate unprecedented opportunities to create and trade value in society will lead to a generational shift in the Internet’s evolution, from an Internet of Information to a new generation Internet of Value. The key to enabling this transition is the formation of a multistakeholder consensus around how the technology functions, its current and potential applications and how to create the regulatory, cultural and organizational conditions for it to succeed.”
The Crypto-Asset Bubble
World Economic Forum to be held in Davos, Switzerland, January 23 – 26, 2018, the little mountainside town which emerges from a thick alpine forest is preparing for a torrent of attendees. Two events are specifically aimed at cryptocurrency: “The Remaking of Global Finance” and “The Crypto-Asset Bubble.”
Valuations of bitcoin have reached unprecedented highs, and there are now close to 1,000 different crypto-assets on the market. Are these assets finally coming into their own or are they the seed of the next financial crisis? During “The Crypto-Asset Bubble,” speakers from opposing sides of the crypto-coin will offer their opinions on whether the burgeoning cryptocurrency asset class is maturing, or if it will instead become the basis for a systemic marketplace crash. Presenters include deputy governor of the Swedish Central Bank Cecilia Skingsley, founding principal of Raiden Partners and Raiden Blockchain Ventures Jennifer Zhu Scott, co-founder of Index Ventures Neil Rimer, professor at Yale Department of Economics Robert J. Shiller, and deputy editor-in-chief at YICAI Media Group Dr. Yang Yanqing. The question remains: will cryptocurrencies become the pillars upon which rests a new generation of protocols supporting a technologically evolved international financial system? The speakers will explore cryptocurrency’s surge in popularity and discuss the possible decline of the dollar as a basis for global reserve. In the past, Lagarde has hinted that the IMF may favor cryptocurrencies in its special drawing rights fund, which is a reserve for the IMF comprised of foreign assets; if the dollar truly is in decline, perhaps Lagarde will again raise this possibility.
The 48th World Economic Forum Annual Meeting therefore aims to rededicate leaders from all walks of life to developing a shared narrative to improve the state of the world. The programme, initiatives and projects of the meeting are focused on Creating a Shared Future in a Fractured World. By coming together at the start of the year, we can shape the future by joining this unparalleled global effort in co-design, co-creation and collaboration. The programme’s depth and breadth make it a true summit of summits.