The World Economic Forum in Davos, which brings together global political and commercial leaders, is dominated by cryptocurrency aficionados despite the current volatility in the market.
Executives from several companies attending the summit have taken over Davos’ main street in an effort to promote digital assets.
Some of the perks given to guests on the sides of the event include a “Liquidity Lounge” and a “Free Bitcoin Pizza Stall.”
Securrency, for example, is one of many blockchain startups that are setting the cryptocurrency agenda. The CEO of the company, Dan Doney, says that the purpose of attending this year’s session is to build ties and networks and to show how new technology and old banking may be bridged. Outside the main conference centre, Securrency organised a panel discussion about cryptocurrency.
There is a 50 percent chance that the stores in Davos are occupied by crypto and blockchain-based businesses, according to Stan Stalnaker, Hub Culture’s chief strategy officer.
Blockchain’s influence on many global industries will be a major topic of discussion during the conference, despite the fact that most cryptocurrency companies have chosen to stay on the sidelines.
Experts in the crypto business, such as Anthony Scaramucci, the founder of SkyBridge Capital, are slated to discuss Bitcoin’s environmental sustainability aims. The session’s major emphasis will be on the debated Bitcoin carbon footprint.
The World Economic Forum (WEF) is also slated to conduct the 5th Annual Blockchain Central Davos in the near future. Additionally, executives from the blockchain, crypto, and government sectors will attend the conference to exchange ideas on the direction of decentralised technology in the next years.
Volatility in the cryptocurrency market
The crypto market is undergoing tremendous volatility at the moment, with numerous analysts opining that the industry has entered a winter season. As a result, the Davos event is placing an emphasis on digital assets.
After the Second World War, the International Monetary Fund issued a dire warning to the world’s financial institutions. As a result, Robert Kiyosaki, the author of the personal finance book “Rich Dad, Poor Dad,” pushed for investing in gold and Bitcoin on May 23 through Twitter.
Delta Blockchain Fund creator Kavita Gupta thinks, as reported by Finbold, that the recent crypto market downturn has ushered in the ‘winter season. Gupta said the market should prepare for a Bitcoin price correction lasting over a year.
Regulation has also been a topic of discussion after the TerraUSD collapse, which saw investors lose billions of dollars in their holdings.
Bitcoin’s price is now trying to stay over the $30,000 mark. As of press time, the asset was trading at $30,400 and had gained one percent over a period of 24 hours.