The World Economic Forum (WEF) recently published an article outlining the crypto industry’s prospects. According to the report, the technology underlying crypto and other digital assets will continue to be an important player in the contemporary economy. The WEF specifically emphasized the multiple uses of blockchain and cryptography, stating that their prominence in the finance industry is already evident.
According to the report, investors should pay attention to what large banks and established financial services companies do rather than what they say to assess the viability of digital assets and blockchain at the heart of financial services as well as other sectors of the global economy. The report also states that J.P. Morgan has a reputation for being open to the cryptocurrency industry, but the bank is not the only organization adopting cryptocurrencies and Web3.
The organization compared the uptake of blockchain and cryptography to that of digital transformations and cybersecurity, stating that it is arguably inevitable and that, despite flaws, this technology continues to dominate the global financial scene. However, the report affirmed that the crypto sector, as with any other industry involving money, was not without risk, but that due to its transparency, fraudsters had no hiding place.
Last year, federal law enforcement agents arrested a couple in New York City after they gained access to files in an online account managed by Lichtenstein. The account contained the private keys to Bitcoins worth $4.1 billion looted from Bitfinex. The breach happened in 2016.
Additionally, the WEF dubbed 2022 a terrible year for cryptocurrencies. The total value of the market cap fell by more than $2 trillion, falling from its peak of around $3 trillion to just over $800 billion today. The group noted that recent events, particularly the demise of FTX, one of the largest cryptocurrency exchanges in the world, have damaged consumer confidence in the sector and caught the attention of international regulators.
According to the report, 2022 was more of an ice age to ardent crypto utopians and some crypto-anarchists than just another “crypto winter.” Along with widespread losses in economic value and confidence and a market rife with failed projects and firms, the era of crypto speculation may remain dormant, paving the way for a more responsible and accountable sector.
The organization compared the difficulties in the cryptocurrency market to the prior dot.com bubble burst, which forced the internet’s future into more resilient business models, use cases, and companies. In a similar vein, 2022 saw the transfer of blockchain infrastructure and cryptocurrency to more reliable hands, including banks and global regulations.
Such a favorable outlook sends the right message to the clients of entities such as Bit Mining Ltd. (NYSE: BTCM) since an endorsement from the World Economic Forum shows that blockchain technology is coming of age and will be here to stay.
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