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Davos 2024: World Economic Forum’s crypto vision

Davos 2024: World Economic Forum’s crypto vision

The World Economic Forum (WEF) Davos conference, spanning five days, is underway from January 15, and it centers around the theme ‘Rebuilding Trust,’ delving into six crucial areas of economic resilience, energy transformation, globalization, productive artificial intelligence (AI), strengthening institutions, and women’s health.

The 2024 event also marks another year in the ongoing presence of the crypto industry at the event. Notably, over recent years, cryptocurrencies have increasingly featured in traditional finance events, seeking validation and recognition, with several projects leading discussions in various forums.

This comes after the cryptocurrency sector recorded a significant milestone of having the first-ever spot Bitcoin exchange-traded fund (ETF) approved in the United States. In line with seeking validation, key crypto players will likely use the event to ramp up support for the sector, building on the ETF news.

What to expect at Davos 2024

In anticipation of this year’s discussions, it’s worth noting that the issue of regulation has consistently taken center stage in previous forums, with leaders advocating for the regularization of the sector.

The recent approval of the ETF is a potential indication that the sector’s move into the mainstream is solidified, and it is likely to amplify the ongoing debate surrounding regulation.

Anticipated events for the crypto sector will include a focus on tokenizing real-world assets. On January 17, the WEF is set to lead a discussion titled “The Tokenization Economy.” The public forum will look into the central tenets of tokenization and its potential impact.

Furthermore, on January 15, a session will explore the use of technology to enhance financial inclusion, with another event on January 17 focusing on the role of blockchain in financial inclusion.

Discussions on the role of crypto in payments are also slated, along with sessions dedicated to crypto policy considerations. These sessions collectively contribute to the comprehensive exploration of the cryptocurrency landscape within the broader context of the event.

Impact of crypto presence at Davos 2024

It’s worth noting that the crypto topic aims to achieve several milestones, particularly in revitalizing its reputation, considering past high-profile incidents such as the FTX collapse saga and the challenges faced by Binance and its founder, Changpeng Zhao, in the United States.

At the same time, with major players like BlackRock (NYSE: BLK), the world’s largest investment firm, entering the crypto space, the event is likely to serve as a platform to convey to world leaders that mature participants are actively involved in the sector, underscoring the seriousness and credibility of the space.

In general, the crypto space enters Davos on the heels of a positive year. Assets like Bitcoin (BTC) demonstrated resilience, experiencing a growth of over 150% amid challenges such as uncertainty in interest rates. This positive trajectory sets the stage for discussions showcasing the industry’s progress and potential.