The first weeks of 2020 was a bright spot in the world of crypto thanks to many leaders of the world mentioning the digital phenomenon. It was people like then President Donald Trump, Prince Charles the Prince of Wales and many other well renowned VIP’s, publicly acknowledging the popularity of Bitcoin and other cryptoassets. The city of Davos in Switzerland hosted the World Economic Forum where all the leaders gathered for the summit. With the summit underway, the WEF stated its intention to form a global consortium for the governance of cryptoassets. Within the hour the news had affected the price of Bitcoin positively, seeing a rise from $8,200 to $8,455 as users and investors bought and sold Bitcoin.
In addition to this, it was agreed that the consortium would consist of several traditional financial authorities, economists, academics, coin community members and global governmental agencies. Whilst the main objectives of the consortium are clear, it would seem intent on integrating cryptoassets within recognised financial ecosystems. Implementation on the other hand is fraught with difficulties including a transparent regulatory body that would require the knowledge and expertise of both public and private sectors.
One must look at the WEF as a positive experience for cryptocurrencies, having positively publicity by many prestigious personalities. This is a step in the right direction for adoption as the sphere of influence grows ever larger, points of views regarding the technology are changing.