During the World Economic Forum in Davos there are still talks about, among others, cryptocurrency. Yesterday we presented a rather pessimistic vision of Kenneth Rogoff from Harvard University. Today we know a more optimistic forecast.
Adena Friedman, president and CEO of the NASDAQ Stock Exchange, claims that cryptocurrencies can be the global currency of the future. As a participant of the World Economic Forum in Davos, she wrote on social media:
“The invention itself is a huge manifestation of genius and creativity and deserves the chance to find a sustainable future in our economy.”
Friedman also points to the activities of its institutions in the field of cryptocurrency adoption:
“At NASDAQ, we work to help cryptocurrencies gain investor confidence. Thanks to offering our technology for matching trade, billing and commercial integrity for start-up exchanges. We have also invested in ErisX, the institutional market for cryptocurrency and future contracts. ”
The fourth industrial revolution
The history of the World Economic Forum dates back to 1971. Then Klaus Schwab, professor at the University of Geneva, organized a conference that aimed to introduce American management techniques in Europe. Schwab also published in 2016 the book “The Fourth Industrial Revolution”, which in the past year was also published in Poland.
The publication includes, for example, the issue of bitcoin and blockchain. According to prof. Schwaba’s critical moment in the development of cryptocurrencies and their technologies will be the period when 10% of global GDP will be stored in the blockchain network. The economist’s research has shown that as many as 58% of respondents believe that this moment will occur up to 2025.
The event organizer at Davos also mentions the positives of this technology. These include “wider opportunities for financial participation in emerging markets”, eliminating intermediation or increasing transparency.
Blockchain can revolutionize the functioning of states. Here, the “critical moment” is to collect all sorts of taxes through a network of blocks. The persons examined by the professor also in the majority (73%) believed that this breakthrough would take place by 2025 at the latest. The network of blocks “creates opportunities and challenges for the states.” Blockchain “is not regulated or supervised by any central bank (…)”. In addition, “opens up the possibility of incorporating new tax mechanisms (…).”