The world economic forum (WEF) has always been a lightning rod for the discussion of global economic, social and political trends. The meeting this year in Davos, Switzerland, is no exception.
Blockchain technology has become a key topic of discussion last week and was duly appreciated by the forum members for the use of advanced technologies. Bitcoin and the future of cryptocurrencies was one of the most discussed topics on the forum, including during the official sessions and several and subject matter expert discussions. Cryptocurrencies have been the subject of intensive discussion about their long-term profitability and value.
On the eve of Davos, Robert Shiller, Nobel laureate in Economics, has joined the group of opponents of bitcoin and stated in an interview on CNBC, “bitcoin could completely collapse and be forgotten, and I think this is the most likely outcome, but it can linger for quite a long time, he could be here in 100 years”.
Among the participants of the WEF also has been talk of a reputational loss of bitcoin due to its possible use in the conduct of illegal activities. During the expert discussion, Christine Lagarde, Executive Director of the International monetary Fund, said:
“Anonymity, lack of transparency and the concealment and protection of money laundering and financing of terrorism and all kinds of illegal trade is absolutely unacceptable.”
In a brief interview via e-mail edition of Bitcoin Magazine Jennifer Zhu Scott, member of the WEF, expressed alternative to Schiller, Lagarde and other skeptics point of view in relation to the rapid growth and the future of bitcoin.
“Many deny the status quo. But we are on the threshold of a complete transformation of the financial market. The fact that we’re talking about this in Davos is proof of progress in the promotion of bitcoin”.
Zhu Scott is the founder of Radian and Radian Partners Blockchain Ventures that focus on private investments in artificial intelligence and the blockchain, and related projects concerning climate change, such as solar energy and trading carbon emissions.
She stated that Schiller lacks a full understanding of blockchain technology and its economic consequences. According to Zhu Scott, comments of Schiller and other participants of the forum about bitcoin based on impressions rather than on detailed research.
“One of the common mistakes about the status quo is that the purpose of bitcoin consider the movement of digital assets. While bitcoin has attracted significant attention, it is in the early stage of its development,” said Zhu Scott, who was an active member of the forum this year.
She recalled how chaotic was the Internet in 1990-ies, particularly regarding the application in the field of business. “Look at those who said that dotcom is a bubble, and the Internet will end in nothing. Now they sound just silly. But people make the same mistakes”.
Joo Scott was shocked by the critical comments of Schiller, where he stated that the supporters of bitcoin “selfish” and “doing it for the money”.
“It’s like if I claimed that all economic theory concerned with guys who have no idea what the GDP. Schiller and other Nobel prize winners, have the responsibility to make the time to forget about the raised noise and deal with what is happening a fundamental change.”
Leaving all discussion aside, Zhu Scott stated that the fact that we are still talking about bitcoin for almost a decade, and the fact that bitcoin still exists and thrives, proves the great potential of this project.
“The discussions in Davos this year was very important because they propose a pragmatic view on bitcoin tokens and the economy,” said Zhu Scott. “It was an opportunity to acknowledge your weaknesses and at the same time to inspire people to focus on your potential. In my opinion, the gift of Satoshi Nakamoto world most likely will have a much greater impact on the future of the financial system than any of the Nobel laureates who have imposed their insights to the world.”