Once again, the world’s social and economic elite convened in Davos for the annual World Economic Forum (WEF). This prestigious global event brought together influential figures from politics and the business world to engage in discussions regarding upcoming trends in the business landscape.
Over the past seven years, the cryptocurrency industry has made its presence felt at Davos during the WEF gatherings. One cannot forget the pinnacle of crypto’s popularity in 2017 when it dominated conversations and was the talk of the town, particularly during the initial coin offering (ICO) frenzy.
Following the deflation of the ICO bubble, there was an endeavor to establish “security token offerings” (STOs) and “initial exchange offerings” (IEOs) as new trends, but these attempts ultimately lost momentum and faded away.
In 2018, the World Economic Forum (WEF) witnessed increased discussions surrounding Bitcoin and the notion that certain cryptocurrencies might be mere passing fads. However, there was a growing consensus that blockchain technology, underlying these cryptocurrencies, was a lasting innovation. Over time, both crypto and blockchain gradually receded from the forefront at Davos, giving way to persistent conversations about the necessity of regulatory frameworks.
By 2019, attendees continued their attempts to rejuvenate the crypto sector, with some openly criticizing crypto as a passing trend. During that WEF, Jeff Schumacher, the founder of BCG Digital Ventures, voiced his skepticism, stating, “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 backed by anything.”
Between 2020 and 2023, excluding the canceled 2021 event due to the Covid pandemic, crypto maintained a presence on the periphery of Davos discussions. While it was acknowledged and included for diversity’s sake, it had lost the blazing novelty it enjoyed in 2017. Despite the best efforts of crypto enthusiasts to rekindle interest with exciting afterparties and events like Bitcoin Pizza Day, crypto remained niche, akin to a polarizing condiment like Marmite.
WEF Davos 2024 Crypto Media Coverage
Here’s a summary of some noteworthy coverage emerging from Davos in relation to the cryptocurrency sector:
According to Reuters’ Divya Chowdhury and Lisa Pauline Mattackal, Anthony Scaramucci, the head of the hedge fund SkyBridge, expressed optimism about Bitcoin’s future price. He suggested that Bitcoin could potentially surpass $170,000 in the coming year, driven by increasing demand for newly listed exchange-traded funds and the upcoming halving event in April. Scaramucci shared his insights during a discussion at the Reuters Global Markets Forum held at Davos, stating that if Bitcoin, currently priced at around $45,000, maintains this level during the halving, it could reach $170,000 by mid- to late 2025.
On CNBC, Arjun Kharpal and MacKenzie Sigalos observed that artificial intelligence (AI) has taken center stage at Davos this year, overshadowing the presence of cryptocurrency firms. This marks a shift from previous years when cryptocurrency was a prominent topic of discussion. They recounted their coverage of crypto at Davos in January 2023, when the crypto winter had set in, leading some firms to reduce their expenditures at the event. Despite the winter, the crypto industry still maintained a strong presence at Davos, even featuring a mysterious orange bitcoin-themed car. However, in the current Davos event, AI has clearly become the dominant focus of attention at the World Economic Forum.
Financial News, through reporter Bilal Jafar, highlighted the historical relationship between the crypto world and Davos. Crypto has historically gravitated towards Davos in January but has often remained outside the formal proceedings of the World Economic Forum. Jafar reported on the crypto sector’s ongoing efforts to gain legitimacy within the World Economic Forum, noting that Ripple’s president has encouraged “mature players” in the cryptocurrency industry to actively participate in the forum’s activities.
