No place for crypto at World Economic Forum in Davos

When the most important representatives from politics and business meet in a small town in the Swiss Alps, then the World Economic Forum (WEF) has invited. In Davos, at an altitude of almost 1,600 meters, they discuss the economy and global challenges – and there are plenty of them these days, because war, the climate crisis, inflation and, last but not least, the new corona wave in China are a burden on the international community. Crypto plays a subordinate role, as a look at the forum agenda reveals. Whether Bitcoin, CBDCs or NFTs: The crypto industry is flying under the radar of the rich and powerful this year.

At least the blockchain technology has made it onto the Swiss business olympus. in one contribution is what the WEF calls the technology in connection with supply chain tracking. In general, however, DLTs still have to prove their value in real applications, criticizes another article. In addition, the forum wants to present a second prototype for the Metaverse project that was launched last year. Otherwise, the technical focus is more on quantum computers, biotech and artificial intelligence. The latter is currently enjoying particular media attention with the text-based dialogue system “ChatGPT”.

That was different last year, when crypto enthusiasts could be found on almost every corner. Among them at that time: Ripple CEO Brad Garlinghouse, Circle CEO Jeremy Allaire, the crypto-friendly Mayor of Miami, Francis Suarez, or the now disgraced FTX founder Sam Bankman-Fried.

Crypto industry avoids side events

Meanwhile, the industry is switching to sideshows around Davos and Zurich, trying to process the events of the crisis year 2022 there. The turbulence of the last few months is probably one reason why the topic of crypto is only dealt with sporadically at the World Economic Forum. The implosion of the Terra ecosystem, the demise of Celsius and finally the FTX debacle left scratches on the paintwork. The call for regulation is getting louder, including from within the company’s own ranks. A topic that, according to Circle CSO Dante Disparte, should also be given a stage at the WEF.