What awaits cryptocurrencies in the future: WEF forecast
Crypto technologies and blockchain infrastructure will remain the most important tools of the modern economy. But (surprise!) will pass to more reputable and responsible players.
The World Economic Forum (WEF) predicted the future fate of cryptocurrencies. The forecast was announced as part of the annual meeting in Davos held in January this year.
Crypto and blockchain are still the favorites of the financial world
2022 is called a "terrible" year for crypto due to the loss of 2 trillion in market value. But the financial losses of the crypto industry are only part of the trouble. The main thing is the general decrease in trust in the industry and technology. It was expected that the cryptocurrency would be able to tackle the systemic errors that caused the financial crisis of 2008.
Sarcastically, the WEF calls the situation on the market "ice age" instead of "crypto winter". The era of cryptocurrency speculation is forever buried in the ice. It will be followed by the Cambrian explosion of "responsible and always-on internet finance."
We are advised to keep a close eye on what big banks and players in the global financial market are doing (and not saying). It's about continuing their experiments with blockchain technology and cryptography. This brings to mind Jamie Dimon, chairman, and CEO of J.P. Morgan. At first, he was known to threaten to fire employees who trade crypto. Suddenly J.P. Morgan enters the cryptocurrency market. Moreover, it does not just start trading digital assets but also launches its own JPM Coin token. And J.P. Morgan is far from the only financial shark to master the Web3 ocean.
At one time, big businesses reluctantly agreed to digital transformation and began to work on cybersecurity. Gradually, but inevitably, "moneybags" will take up crypto technology.
"Crypto technology remains a protagonist in the global financial world," – states WEF.
Globalists lay claim to blockchain
Human stupidity or criminal intent always accompanies booming or unregulated sectors of the economy. In addition, the financial sector has always been one of the riskiest. But after the global ransomware attacks performed using e-mail, no one banned e-mail or the Internet.
And here, the Forum steps on thin ice, arguing that a sustainable approach to disruptive technologies is to "net out their harmful effects".
"Perhaps 2022 marks a handover of crypto technology and blockchain infrastructure to steadier hands," – the WEF hints vaguely.
This is precisely what happened to the dot coms in the early 2000s. They didn't shut down the Internet. They ushered in an era of more sustainable companies and business models.
And the countries that ensure responsible competition will determine the situation on the crypto market in 2023.
How the WEF sees the use of blockchain technologies?
1. The Forum helped Central Banks create, test, and scale blockchain implementation guidelines. The emphasis is on the digital currencies of central banks.
2. Redesigning Trust with Blockchain in the Supply Chain initiative – implementing blockchain in the supply chain.
3. The Center for the Fourth Industrial Revolution, UAE, is testing the application of digital assets and tokenization in financial systems.
The WEF is an international non-governmental lobbying organization headquartered in Cologny, Switzerland. Founded in 1971 by German engineer and economist Klaus Schwab. Funded by contributions from 1,000 global enterprises with a turnover of more than $5 billion and government grants. By the way, the activities of the Forum underlie many conspiracy theories. In particular, the WEF has been accused of a corporate takeover of global and democratic institutions. Its signs are seen in the forum’s initiatives "Great Reset" and "Global Redesign".
