The World Economic Forum (WEF) takes place every year in Davos, Switzerland. This time around, things were no different except for one little change… Davos Didn’t See Many Crypto Participants During the event, the streets of Davos are usually swarming with crypto companies. Some of the biggest names in the industry rush to Switzerland to see what they can do about the ongoing energy crisis that is allegedly putting the planet in danger and causing all kinds of problems for the environment and our natural resources. In 2023, these streets were practically barren as the crypto presence has experienced a huge downfall. Many experts attribute the absences to the problems of the past year. We don’t need to go over it all again; you’re probably quite familiar with
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The World Economic Forum (WEF) takes place every year in Davos, Switzerland. This time around, things were no different except for one little change…
Davos Didn’t See Many Crypto Participants
During the event, the streets of Davos are usually swarming with crypto companies. Some of the biggest names in the industry rush to Switzerland to see what they can do about the ongoing energy crisis that is allegedly putting the planet in danger and causing all kinds of problems for the environment and our natural resources. In 2023, these streets were practically barren as the crypto presence has experienced a huge downfall.
Many experts attribute the absences to the problems of the past year. We don’t need to go over it all again; you’re probably quite familiar with everything already. Bankruptcies, fraud, the volatility and speculation that caused prices to drop rapidly, thus leading to the industry losing more than $2 trillion in valuation. The list goes on and on.
As a result, the crypto industry couldn’t get a hold on Davos this year, as so many companies have either scaled their operations back to save money or because they have shut their doors altogether. It’s a sad and depressing sight to see, and while at the time of writing, assets like bitcoin and Ethereum are experiencing marginal booms in their prices, it’s difficult to turn away from the trouble and chaos that has preceded the entrance of 2023.
Teana Baker-Taylor – vice president of policy and regulatory strategy at Circle – commented in an interview:
It’s very clear that the speculation period is drawing to a close, and every company that you see featured… is really focused on real-world use cases.
Her words reflect on the idea that many crypto companies – the surviving ones, at least – are no longer interested in making public appearances and taking part in things that don’t contribute to long-term effects. Rather, to save money and really have impacts on the world, they’re more interested in keeping operations steady, saving their funds, and doing the biggest and most significant things they can with those funds to ensure they remain around for lengthy periods.
The good news is that optimism is beginning to flood through the arena’s borders yet again, as men like Cliff Sarkin – the chief of strategic relations at Casper Labs – said in a statement he’s “cautiously optimistic” that the crypto market has bottomed out, and that the results of last year could ultimately vanish over the next few months.
Things Could Be Improving
He commented:
So, we’re over a year into the bear market, so I think the shock of that is settled in, and for those of us that have been in the space for years… we feel like this is the time to build.