• Bitcoin
  • Blockchain
  • Crypto
  • Metaverse
  • AltCoins
  • Business
  • Investment
  • Upcoming
What's Hot

Very Bullish-Rated GensoKishi Metaverse (MV) Rises Tuesday to $0.2098731953

January 31, 2023

5 altcoins that produced double-digit gains as Bitcoin price rallied in January

January 31, 2023

2023-01-31 | NEO:INXD | Press Release

January 31, 2023
Facebook Twitter Instagram
  • Bitcoin

    Bitcoin Kills Rent Seeking – Bitcoin Magazine

    January 31, 2023

    Mastercard Binance Offer Crypto Card In Brazil – Bitcoin Magazine

    January 31, 2023

    Twitter Prepping For Payments, Could Include Bitcoin And Crypto: FT

    January 30, 2023

    Will Madeira Become Bitcoin Paradise? – Bitcoin Magazine

    January 30, 2023

    What I Learned From Ignoring Bitcoin – Bitcoin Magazine

    January 28, 2023
  • Blockchain

    Blockchain Pumps Up The Value Of Media Rights For NFL, NBA, And All Sports

    January 31, 2023

    Japan Implements Blockchain for Settling Rubber Futures

    January 31, 2023

    How the metaverse and blockchain accelerates economic … – e27

    January 31, 2023

    Play-to-Earn Is a Losing Game With a Focus on Money, Says Critics

    January 30, 2023

    Solana (SOL) Sustains Second Week of Inflows as Blockchain Sentiment Improves

    January 30, 2023
  • Crypto

    Ethereum staking withdrawal testnet Zhejiang to go online Feb. 1

    January 31, 2023

    Here’s how Kazakhstan aims to enhance its legacy crypto trading framework

    January 31, 2023

    Cryptocurrency Price Today In India January 31 Check Global Market Cap Bitcoin BTC Ethereum Doge Solana Litecoin Doge Ltc Gainer Loser

    January 31, 2023

    Bitcoin, Ethereum Prices Fall as Market Braces for More Fed Rate Hikes

    January 30, 2023

    Is this the bullish signal that Ethereum holders are waiting for?

    January 30, 2023
  • Metaverse

    Very Bullish-Rated GensoKishi Metaverse (MV) Rises Tuesday to $0.2098731953

    January 31, 2023

    Soul App “Möbius” Enriches Social Metaverse with NFTs

    January 31, 2023

    IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

    January 31, 2023

    Founders Workshop launches new Metaverse products division

    January 31, 2023

    GDC 2023 State Of The Game Industry Report Includes Insights Into VR And AR

    January 30, 2023
  • AltCoins

    5 altcoins that produced double-digit gains as Bitcoin price rallied in January

    January 31, 2023

    This Ex-Ripple Board Member Offers XRP As Shareholder Benefit

    January 31, 2023

    Voyager (VGX) Surges 49% Despite $445M Alameda Lawsuit

    January 31, 2023

    World’s Largest Crypto Hedge Fund Pantera Is Buying Altcoins

    January 31, 2023

    As Dogecoin Price Explodes, These 3 New Altcoins Might 10x

    January 30, 2023
  • Business

    Crypto lender Celsius propped up its token, benefiting insiders – U.S. bankruptcy examiner

    January 31, 2023

    Enter the Metaverse – January 2023

    January 31, 2023

    Cryptocurrency roundup for January 31: FTX's Bankruptcy Filing Brings Australian Branch to Administration,… – Moneycontrol

    January 31, 2023

    Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars

    January 30, 2023

    Four principles for crypto regulation

    January 30, 2023
  • Investment

    Top 5 Bitcoin documentaries to add to your watchlist By Cointelegraph

    January 31, 2023

    How To Invest, Plus How Big Eyes Coin Has Had One Of The Biggest Presales Crypto Has Seen – CryptoMode

    January 31, 2023

    FTX sues Voyager Digital to claw back $446 million in 2022 loan payments

    January 31, 2023

    10 Best Penny Cryptocurrency to Invest in 2023

    January 30, 2023

    MINA Price Breaks Above $0.80 as it Looks to Extend Recent Rally By CoinEdition

    January 30, 2023
  • Upcoming

    2023-01-31 | NEO:INXD | Press Release

    January 31, 2023

    Moody’s earnings beat by $0.19, revenue topped estimates By Investing.com

    January 31, 2023

    People who posted Sam Bankman-Fried’s bail should be named, U.S. judge rules

    January 31, 2023

    Bitcoin (BTC) Completes “Extremely Rare” Chart Pattern, Peter Brandt Says

    January 30, 2023

    White House calls on Congress to toughen cryptocurrency laws

    January 30, 2023
investorstoday.press
investorstoday.press
Home»Business»Is crypto better or worse since its collapse? Here’s what CEOs at Davos said
Business

Is crypto better or worse since its collapse? Here’s what CEOs at Davos said

maikdezana@icloud.comBy maikdezana@icloud.comJanuary 22, 2023No Comments6 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

While business leaders showed cautious optimism at this year’s World Economic Forum (WEF) in Davos, Switzerland, the same sentiment wasn’t felt for crypto.

Compared to before, the once buzzy area of finance had a much smaller presence.

As our Jennifer Schonberger put it, “gone were the crypto houses every ten feet, bitcoin-themed pizza stalls and advertising from previous years.”

“I think regulated transparent infrastructure like ours is well-suited for this environment,” Jeremy Allaire, Circle co-founder and CEO which issues the stablecoin USDC told Yahoo Finance.

Circle, one of the few crypto firms present for the week, did offer some optimism. Though not regulated as a bank and having shuttered plans to go public via SPAC last year, it is still aiming to be a public company at some point in the future, Allaire said.

In the meantime, it represents 31% of crypto’s $136 billion stablecoin market, which many consider being essential to the industry’s less speculative future.

As Allaire told us, Circle carries a money transmitter license in almost every state. Its stablecoin “has actually grown since the FTX collapse,” by $2 billion since the beginning of November according to DeFillama.

Yet critics were not scarce at Davos.

A man wears a t-shirt with the logo of Bitcoin as he waits for Sam Bankman-Fried, the founder and former CEO of crypto currency exchange FTX, to attend a hearing at the Magistrate Court building in Nassau, Bahamas December 19, 2022. REUTERS/Marco Bello

For them, and more than 9 million retail and institutional investors waiting to get back their funds in bankruptcy, FTX’s collapse still looms as a shadow over the space.

“FTX and SBF are not an exception — they’re a rule,” Nouriel Roubini, the NYU professor known as “Dr. Doom” for his dire views on global trends, said on Yahoo Finance Live.

“Literally 99% of crypto is a scam. A criminal activity. A total real-bubble Ponzi scheme that is going bust,” Roubini added. The Economist went on to underline the reputational damage industry firms are facing as a general loss of trust.

In November, Bitcoin hit a low not seen for two years of $15,682 as FTX careened towards chapter 11. Two weeks later BlockFi followed.

The next month, Sam Bankman-Fried, a figure many believed to be one of the industry’s biggest stars, was extradited from a Bahamas prison to New York to face 8 charges of fraud.

While its total market cap has recovered above $1 trillion dollars as of last week, industry trading venues are far from regaining trust.

Instead, those companies have had to let go of thousands of workers. With Genesis’ long-awaited bankruptcy filing Friday, there are at minimum 10 million people who’ve lost their crypto for trusting a crypto firm with their funds.

Meanwhile, others in attendance such as IBM Vice Chairman Gary Cohn would not trash crypto but also refrained from commenting on digital assets themselves.

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, departs from his court hearing at Manhattan federal court in New York City, U.S. January 3, 2023. REUTERS/David Dee Delgado

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, departs from his court hearing at Manhattan federal court in New York City, U.S. January 3, 2023. REUTERS/David Dee Delgado

“I’m bullish on blockchain, and crypto, I really don’t have a view,” Cohn told our on-the-ground team, echoing a popular middle-ground view.

Of course, even when major companies separate cryptocurrencies in favor of investing in their own private blockchain platforms, the end product hasn’t always worked.

In late November, IBM, which has bet on blockchain since 2016, discontinued its global blockchain-enabled platform, TradeLens, launched with Maersk two years prior.

The technology platform, which digitized and secured shipping container tracking across the world was “viable” Maresk said.

But it didn’t achieve “the level of commercial viability necessary to continue work and meet the financial expectations as an independent business,” the company added.

“All of these three things, web3, blockchain, and the metaverse, are all going to happen,” Microsoft (MSFT) CEO Satya Nadella said offering a partial vote of confidence broadly of crypto to WEF attendees.

“But you need to have the killer apps, what is the use case that gets broad adoption, what is the ChatGPT moment for blockchain?”

Nadella was referring to the AI tool launched in November that has quickly racked up users and become the most interesting thing in tech. The executive told news outlet Semafor Tuesday it was in talks to invest as much as $10 billion into ChatGPT owner, OpenAI.

ChatGPT website displayed on a phone screen and Microsoft logo displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on January 10, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

ChatGPT website displayed on a phone screen and Microsoft logo displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on January 10, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Is the crypto market’s collapse through last year holding the industry back from finding its coveted ChatGPT moment? Absolutely and not as much as it might seem.

An annual report from venture capital firm Electric Capital, shows despite crypto’s seemingly rough 2022, it has more monthly active developers than it did during its bull market.

Based on multiple years of data, Electric Capital finds every cycle crypto software developer activity tends to be less susceptible to market fluctuations, making their engagement levels a more important barometer than the industry’s Davos attendance for where things might be headed.

It found that in the fourteen years since Bitcoin’s creator Satoshi Nakamoto — who essentially spun up the industry working without pay — the industry’s open source full-time developers has risen from 1 to 23,343 and activity has expanded well beyond Bitcoin and Ethereum (28% of the total).

We’ll have to wait and see where those thousands of developers plan to take crypto next. In the meantime, their activity in addition to crypto’s less exciting price charts and its shrinking advertisements at Davos, the Bahamas’ Baha Mar resort, or any other place might be exactly what the industry needs to move beyond such a difficult moment.

“You can’t get rich fast in crypto right now. And that’s actually good,” Chainalysis’ Michael Gronager told us, decked in an overcoat before the snowy Swiss Alps.

Click here for the latest crypto news, updates, values, prices, and more related to Bitcoin, Ethereum, Dogecoin, DeFi and NFTs

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
maikdezana@icloud.com
  • Website

Related Posts

Crypto lender Celsius propped up its token, benefiting insiders – U.S. bankruptcy examiner

January 31, 2023

Enter the Metaverse – January 2023

January 31, 2023

Cryptocurrency roundup for January 31: FTX's Bankruptcy Filing Brings Australian Branch to Administration,… – Moneycontrol

January 31, 2023

Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars

January 30, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest crypto news

Advertisement
Demo
Top Insights

Very Bullish-Rated GensoKishi Metaverse (MV) Rises Tuesday to $0.2098731953

January 31, 2023

5 altcoins that produced double-digit gains as Bitcoin price rallied in January

January 31, 2023

2023-01-31 | NEO:INXD | Press Release

January 31, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Categories
  • AltCoins (1,392)
  • Bitcoin (1,359)
  • Blockchain (1,376)
  • Business (1,370)
  • Crypto (1,357)
  • Investment (1,375)
  • Metaverse (1,353)
  • Upcoming (1,311)
Facebook Instagram
  • Contact Us
  • privacy policy
  • about us
© 2023 Designed by investorstoday.

Type above and press Enter to search. Press Esc to cancel.