World Economic Forum discloses its future vision for crypto
The WEF calls for "responsible actors" to assume control of crypto to prevent a repeat of disasters witnessed last year.
The World Economic Forum (WEF) recently published an article outlining its future vision for crypto.
It mentioned JPMorgan and other “major financial institutions” in the context of 180’ing from their initial skepticism on digital assets. While also advocating for “breakthrough technologies” to be handed over to “responsible actors.”
“The more enduring approach with all breakthrough technologies is to net out their harmful effects by placing technologies (like all tools) in the hands of responsible actors and encouraging their responsible use.”
Crypto needs to be governed by “steadier hands”
The article devoted a significant proportion of word count to a high-level summary of what went wrong in crypto last year.
“By any measure, 2022 was a terrible year for crypto. In all, more than $2 trillion in largely speculative market value evaporated.”
It stated that the events of 2022 were damaging as the belief in crypto to take on and usurp the broken monetary system had taken a substantial hit.
Further, policymakers, who were warning of impending disaster, had been proven correct across multiple instances of large-scale failures.
Drawing parallels with the dot-com bust of the early 2000s and the subsequent “hand over” of the internet to “more durable companies,” the author championed a similar approach with crypto, saying recent dramas call for blockchain infrastructure to move to steadier hands.
While not directly saying “big banks and mature financial services firms” were those steadier hands, the article did mention those institutions were actively experimenting with crypto technology and to watch what they do, not what they say.
According to the WEF, crypto needs oversight from “responsible actors,” who encourage its use in responsible ways.
Commenting on the article, @cardano_whale insinuated that an element of 2022’s crypto disasters was caused by WEF insiders while sarcastically approving of oversight by JPMorgan.
“if we all just hand control of this space to JPMorgan all will be well. Lmao, get rekt.”
Replying to @cardano_whale, Twitter users voiced general skepticism of the WEF, with one user pointing out that getting into crypto is all about escaping JPMorgan in the first place.
@Coachjv_, the CEO of crypto education platform 3T Warrior Academy, mentioned the quote, “watch what the big banks and mature financial services firms do, not what they say,” from the article is evidence that, despite authorities publically bashing digital assets, they intend to move forward with them in a big way.