the World Economic Forum (WEF) believes that blockchain technology and digital assets will continue to work “integral part” of the modern economy.
In a blog post released on Monday, January 2, 2022, the international organization discussed what the future holds for the cryptocurrency industry. The WEF discussed the different applications of cryptographic and blockchain technologies, pointing to it their use in the financial services industry is already considerable.
“Indeed, to test the enduring power of digital assets and blockchains at the heart of financial services (and other areas of the global economy), look at what big banks and mature financial services companies are doing, not what they say “.
According to the article, JPMorgan has earned a reputation for its friendly stance towards the cryptocurrency industrybut the bank is no longer alone in adopting Web3 and cryptocurrencies.
The WEF in comparison from the adoption of cryptocurrency and blockchain technologies to the adoption of cybersecurity and digital transformation. “Likewise, the adoption of cryptographic technology is inevitable, even if the term sounds like a dirty word,” the organization said.
The organization recognizes this the cryptocurrency industry is not risk-free, like any other industry involving money. However, he noted that the transparent nature of cryptocurrency has given bad actors few places to hide.
A couple was arrested by federal law enforcement in New York City earlier this year the officials gained access to files in an online account controlled by Lichtenstein which contained the private keys for 94,000 BTC ($4.1 billion) that had been stolen by Bitfinex. The attack happened in 2016.
WEF Also Calls 2022 A “Terrible Year For Cryptocurrencies”. In total, more than $2 trillion of value has evaporated from the overall cryptocurrency market capitalization, which has plummeted to around $800 billion from its all-time high of around $3 trillion.
The organization has also noted that recent incidents in particular the collapse of FTX, which was once the third largest cryptocurrency exchange in the world, has eroded user confidence in the industry and have also attracted the attention of global regulators.
“Policymakers who have raised the alarm about excessive crypto risks, while failing to create sensible regulations, have been justified by not one, but several large-scale failures.”
It is interesting to note that the WEF compared the cryptocurrency market crash of 2022 to the bursting of the dot-com bubble in the early 2000s, stating that it will deliver cryptographic technology and blockchain infrastructure to more viable enterprises, business models and use cases.
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