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Davos Economic Forum: Bitcoin, Cryptocurrency and Blockchain

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At the Davos Economic Forum, there were people from a wide range of organizations representing some of the world's most important issues.

Alexandria Ocasio-Cortez, an American politician, has flooded the idea of a marginal tax rate of 70% for people who make over $10 million a year. Unsurprisingly, this idea has been laughed at rather publically by the billionaires at Davos Economic Forum. Of course, the billionaires are going to laugh at such an idea, but a 70% marginal tax rate would affect just that tiny group of elites mostly people going to the Davos Economic Forum.

A marginal tax rate is not a flat tax. There are a lot of people who view very strongly against the idea of taxing the ultra-rich more, but we have a situation right now where the oligarchs are robbing the world blind and laughing on our faces that they have convinced so many people about the idea of trickle-down economics. The system we have right now is broken. Its time for the rich to start paying their fair share when it comes to supporting society but they have not been doing that. People always say that a 70% tax rate would slow down the growth, but it would only slow the growth and power of the billionaires.

We have a situation right now where climate catastrophe is happening in real time and the people who can do something, won’t do something while it threatens their bottom line. Today’s titans of tech and finance want to solve the world’s problems as long as it doesn’t cost them anything and as long as these solutions don’t threaten their own wealth and power.

 

Cryptocurrency at Davos Economic Forum:

Ethereum along with the Consensus crew and Ripple both showed up at the Davos Economic Forum. At the Davos Economic Forum, there were people from a wide range of organizations representing some of the world’s most important issues. But the problem is that the people who can offer the solution to those are the same people sitting across the table from the people who want to make the changes happen but for some reason aren’t pushing enough actually to make these things happen. Consensus fits their vibe, they want to get in with these players, they want to do good things and connect with the people who can make those things happen. Of course, even Ripple wants oligarchs on board with XRP.

There is a conversation to be had for trying to change the system from within. Maybe Ethereum and Ripple are both correct when they go to places like the Davos Economic Forum, and they want to connect to the oligarchs and giant corporations. They see that this is the way we can change the future of the world not by working against but by working with these players. But the reality is that these entrenched powers are dangerous.

Brad Garlinghouse of Ripple representing the XRP ledger said he expects a widespread adoption of blockchain technology in about five years. A lot of other speakers at the Davos Economic Forum also noted that cryptocurrency is too small for regulation. Sir Kenneth Rogoff, professor of economics at the Harvard University said that he has spoken to regulators and they said that there isn’t that much value going on in terms of transactions, a lot of it is speculation, it’s an exciting innovation, let’s let it roll out and see what happens. They are not necessarily planning to let it continue to roll after it does but there are planning to sort of see where the innovation goes.

 

People’s thoughts at the Davos Economic Forum:

At the Davos Economic Forum, some of the people were much more spectacle when it came down to it. Jeff Schumacher, the founder of Digital Ventures said that the bitcoin price will fall to zero. Schumacher is a top investor in the space and he said that basically, bitcoin has no value, it was useless as a currency because it’s not based on anything. He said that he is more interested in blockchain technology.

Bitcoin’s environmental impact basically they are saying that will ensure that this will not be the money of the future. Obviously that all depends upon how we actually mine bitcoin because not all energy is the same. Last year’s research showed that 80% of bitcoin mining is done by using renewable energy sources. Much of that renewable energy based in areas where it is not economically viable to power a big city so bitcoin mining helps them use energy that’s otherwise not being used. At the end of the day, Davos Economic Forum exists to defend the rich and elites. We do need to get the proof of work energy consumption down dramatically. It would help erase these bias arguments that we keep hearing about bitcoin being environmentally irresponsible.

On a panel with Brad Garlinghouse, it was said that XRP has a very small energy impact when we compare it to bitcoin. But interestingly, Brad Garlinghouse pointed out that he still owns bitcoin. Jamie Dimon also showed up at the Davos Economic Forum and said that ‘blockchain’ not ‘bitcoin’. Edith Yeung, a 500 startups partner was a bit more optimistic overall saying that many developing countries don’t even have credit cards, there is no particular infrastructure set up and that it is almost easier to see these blockchain enabled payments because of the leapfrog effect. Basically, what she’s saying is that we are going to see developing countries leapfrogging over the idea of existing banking infrastructures and go straight to cryptocurrency based payments.

 

Overall bitcoin and crypto have an amazing ability to totally kick start a new financial revolution on a massive scale, thinking about the free flow of money. If we can get financial tools in the hands of the people, they can start doing business. It’s not that the people in developing countries don’t want to do business, it’s that their feet and hands are tied but if we can untie them and release this financial energy into the world, it will be amazing

 

What are your thoughts over the viewpoints of the oligarchs on bitcoin and blockchain and the future of digital currencies? Tell us in the comments section below.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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