[Summary] World Economic Forum in Davos and cryptocurrencies

The 50th World Economic Forum (WEF) meeting is held in Davos, Switzerland, where many of the world’s leading politicians, economists and entrepreneurs meet. In addition to topics such as the global climate and the global economy, cryptocurrencies were also discussed. Here is a summary of the first two days of the meeting.

Crypto Exchange OKEx in Davos

OKEx’s leading crypto-exchange participated in the World Economic Forum to promote blockchain technology as a new engine for an outdated global financial system.

OKEX’s Financial Market Director has prepared two presentations focusing on the challenge of extending financial services to more than two billion people worldwide who remain free of banking.

He argued that a digital decentralized financial system, based on blockchain technology and cryptocurrencies, would help both traditional financial markets and this part of the population without access to conventional banking services.

Bitcoin is not very effective to serve the purposes of money – claims investor Ray Dalio

Founder of Bridgewater Associates hedge fund Ray Dalio in Davos said, Bitcoin is not serving the purposes that the currency should serve. Ray advised investors to diversify his portfolio, and in his words should not miss gold. Dalio expressed his negative attitude to Bitcoin as early as 2017 when he compared the cryptocurrency to a bubble.

Justin Sun’s lunch with Steve Wozniak

Tron Foundation founder Justin Sun posted a few hours ago on his Twitter that he had just lunched with the legendary investor and entrepreneur, Steve Wozniak, who along with Steve Jobs, founded Apple giant.

On Twitter, he also said that it was a great honor to have lunch with such a legendary person and look forward to further cooperation. Cryptocommunity is starting to make fun of Sun that he finally got his canceled crypto lunch, albeit with a different guest than originally planned.

Bakkt application in 2020

Bakkt futures president, Adam White, shared details about the planned platform application at the Davos World Economic Forum. In his words, the application will consider any digital assets, including cryptocurrencies, as value and will also support virtual goods, loyalty points or stocks. The application should be similar to PayPal and should be ready this year.

Ripple’s boss believes the US will welcome a new payment solution

US Treasury Secretary Steven Mnuchin acknowledged in Davos that the country will need a faster solution to cross-border payments. He further argued that the US would support companies like Ripple that offer similar services. The US government is well aware of new market developments.