In a report released on January 2, the international NGO and lobbying firm said that cryptocurrency will continue to be an integral part of the “toolbox of modern economics.”
The World Economic Forum has acknowledged that the past year has been disastrous, describing it as “terrible”, with more than $2 trillion wiped out.
In addition, the Swiss Political and Economic Forum singled out the regulators for failing to “establish reasonable regulations” but added that they were confirmed by “many large-scale failures” in 2022.
The report was written by Chief Strategy Officer and Head of Global Policy, Dante Disparte.
a happy new year! After a terrifying year # encrypt In 2022, there are now more demonstrable interest values than ever before. my sharing wef #WEF23 Reflections on what the future has to offer and how @circle Navigate the turbulence. https://t.co/emR4cHNbu3
– Dante Disparte (disparte) January 2, 2023
WEF is positive on Blockchain
Turning to the positives, the report compared the cryptocurrency contagion of 2022 to the dot-com fallout of 2000, which led to the Internet’s evolution into more sustainable companies and business models.
“Perhaps 2022 marks the handover of crypto technology and blockchain infrastructure into steady hands,” she added.
He stated that major banks and financial service providers should be considered this year in their approach to cryptocurrency.
“The embrace of crypto technology is inevitable, even if the term sounds like a bad word. For all its flaws, this technology remains a hero in the world of global finance.”
The World Economic Forum noted that there are many examples of good technology being manipulated by bad actors, but with cryptography it happened at high speed.
Crypto was really created by anonymous trading on the dark web for years plagued by hackers and thefts. Likewise, the early days of the Internet were plagued with viruses and scams, but email and the World Wide Web were not banned.
In conclusion, the report said that the technology will mature and flow into the hands of more responsible players within a strong regulatory framework. In other words, cryptocurrency is here to stay.
Crypto Market Outlook
It may take some time for the cryptocurrency markets and token prices to recover. There remains very low volatility, with total capital hovering around the same level of $839 billion, according to CoinGecko.
There has been very little movement either way since mid-December, as the consolidation continues into the new year.
Bitcoin traded slightly higher from weekend levels of $16,686 at the time of writing; Meanwhile, Ethereum price rose 1.5% on the day, to $1,214.
Yet Crypto is here to stay despite the terrible 2022: World Economic Forum appeared first on CryptoPotato.