Crypto Will Be Here For A Long Time – World Economic Forum
Despite the most disastrous season ever recorded for crypto in 2022, the World Economic Forum (WEF) believes the cryptocurrency industry is here to stay and will be around for a very long time.
WEF Maintains Bullish Stance On Crypto
On January 2nd, the WEF stated that the crypto industry, which sparked the transition to a highly advanced technological society, is here to stay and won’t be going extinct anytime soon.
The forum declared 2022 to be the year of cryptocurrency’s greatest turmoil since its beginnings, with over $3 trillion being siphoned off the market.
Additionally, some political leaders in Switzerland criticized lawmakers for failing to enact strict laws to govern the cryptocurrency industry, which would have decreased investment losses and risk.
The head of global policy at Circle, Dante Disparte, made a statement about the turbulent 2022, calling it the most traumatic year for cryptocurrency. Nevertheless, he shared WEF’s optimism for a prosperous future for cryptocurrency in the years to follow and remains a bright outlook for the market.
Crypto Compared To The Early Internet Era
According to reports, this most recent collapse in 2022 is comparable to the early internet stage in 2000, which saw tremendous failure to usher in a new online era. The beautiful beginning of the internet era, which had a profound impact on the entire world, was marked by this fallout in 2000.
WEF goes on to say that 2022 may have been the trial phase for crypto, and that moving forward marks the shift into a more sophisticated and evolved economy, the likes of which we have never seen before.
The forum also emphasized that most organizations’ activities and attitudes toward crypto and block chain should be studied and tracked as a gauge of how quickly this crypto sector would seep into other sectors.
WEF noted that the widespread crypto is unavoidable, and the technology upon which it is based will catapult the globe into a new dimension.
It was further mentioned that with every new rising technology, there are always bad actors on the sidelines eager to compromise it’s good in order to perpetuate their own evil, as witnessed in the case of crypto presently.
This was compared to the early days of the internet, when bad actors also exploited it to propagate and carry out their own crimes and deeds; nonetheless, the internet has withstood the test of time, and the WEF believes that crypto will as well.
In a final statement, the World Economic Forum believes that crypto technology will mature and fall into safe hands that will develop and safeguard it from rogue actors using good and efficient frameworks.
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