Davos 2023: cowed crypto crowd feel winter freeze at WEF
- Former Reserve Bank of India Governor Raghuram Rajan believes the plunge in digital assets allows investors to focus on the technology’s true value
- Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds
In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for World Economic Forum (WEF) attendees to see.
Last May, the dressed-up shop fronts that line both sides of the Promenade street running through the Swiss ski resort were dominated by crypto firms, rolling in bitcoin.
Now there are just a handful and the executives who have made it to Davos have swapped their hoodies for blazers, despite sub-zero temperatures outside.
Some of those from the digital industry which have set up shop on the fringes of the WEF annual meeting were quick to distance themselves from cryptocurrencies.
“I hope there’s an increased focus on utility value and practical applications of the technology, and less focus on retail investors chasing meme coins,” Jeremy Allaire, CEO of USDC stablecoin issuer Circle, said.