As a seasoned researcher who has attended numerous crypto conferences over the years, I must say that TOKEN2049 in Singapore was undoubtedly one of the most insightful events I’ve witnessed. The gathering of industry leaders, visionaries, and pioneers under one roof was both inspiring and enlightening.
2049 TOKEN conference wrapped up in Singapore, here’s a recap of some key moments from this highly-anticipated cryptocurrency event of the year.
The significant event known as TOKEN2049 took place in Singapore from September 18th to 19th. This gathering attracted key influencers within the cryptocurrency sector, where they discussed and exchanged ideas about upcoming trends, advancements, and the industry’s strategic priorities.
What will the crypto industry be like in three years?
A notable feature of the occasion was a talk titled “The Next Three Years in Cryptocurrency,” where influential figures from prominent crypto ventures debated the industry’s near-term direction. The CEO of Circle, a stablecoin issuer (Jeremy Allaire), the founder and CEO of top crypto exchange OKX (Star Xu), and Ethereum co-founder Vitalik Buterin actively engaged in this discussion, shedding light on the future of digital assets. They drew from their extensive experience as veterans and pioneers within the crypto sector to share insights and anecdotes.
Self-custody is key
At the panel discussion, OKX’s Xu emphasized the significance of self-storage technologies for cryptocurrency due to their enhanced security features. Yet, he also highlighted that advocating for self-custody in the crypto sector (keeping your own crypto rather than relying on external services like exchanges) doesn’t mean there is no need for regulation in this field.
Discussing the future of digital assets, Xu pointed out that the sector has made significant technological advancements over the last decade. Nonetheless, he thinks that the growth and development of web3 applications and their associated use cases could be accelerated further.
Less focus on NFTs
In his remarks, Buterin highlighted that a significant benefit of digital assets lies in their borderless, global character. He emphasized that this sector holds immense promise for addressing the financial needs of individuals worldwide who are currently excluded from traditional banking systems.
Additionally, he emphasized the importance of finding tangible applications to fuel widespread acceptance of digital assets. Buterin advocated for a shift in attention away from high-priced Non-Fungible Tokens (NFTs), as he believes they offer little value to the sector or to mankind at large.
The founder of Ethereum expressed his conviction that enhancing security within the cryptocurrency sector is crucial, while simultaneously working on lowering transaction costs.
Vitalik comments on the accessibility of crypto and sings a crypto song
As a researcher delving into the realm of cryptocurrencies, I’ve noticed that Vitalik Buterin often discusses aspects like user-friendliness, adoption as a medium of exchange, and overall system safety within this digital economy.
He argued that it’s no longer valid to say that it’s too early for more widespread adoption of crypto. He compared the extremely limited awareness and adoption of Bitcoin (BTC) in 2013 with the situation just eight years later, in 2021, when a cup of coffee could be bought for Ethereum (ETH) in Argentina.
While delving into the potential future of blockchain technology and digital currencies, I couldn’t resist breaking into a tune expressing my enthusiasm for crypto as well.
I’m bullish here because we know this requires a lot of courage. @VitalikButerin 😂
— H.E. Justin Sun🌞(hiring) (@justinsuntron) September 18, 2024
And then an improved version of Buterin’s song appeared on social media:
Arthur Hayes predicts market reaction to Fed rate cuts
On the inaugural day of the occasion, Arthur Hayes, one of the co-founders at BitMEX derivatives exchange, delivered a key address titled “Perspectives on Ongoing Economic Developments.
On the same day when many were anticipating the U.S. Federal Reserve’s interest rate cut announcement, Hayes forecasted that this move would lead to a temporary market decline. His prediction proved accurate later in the day.
“It seems to me that the Federal Reserve might be committing a significant error by reducing interest rates when the U.S. administration is issuing and spending more money than ever before during non-war times.
Hayes noted that the lower interest rates in the U.S. could trigger a market drop in part because of — again — fears around the unwinding of the yen carry trade. Lower interest rates from the Fed, coupled with recently rising rates from the Bank of Japan, lessen the gap between rates in the U.S. and Japan, making the yen carry trade less profitable.
The yen carry trade refers to when investors borrow yen at historically very low rates, convert it into currencies with higher-yield assets, like Treasury Bills in the U.S., and then invest in those assets. Last month, one of the driving factors behind global markets plummeting was the potential unwinding of the yen carry trade.
However, since the U.S. Fed announced a 0.5% cut in interest rates, Bitcoin has gained almost 7%.
The upcoming TOKEN2049 conference, boasting over 200 speakers, is set to happen this coming spring in Dubai.
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2024-09-21 02:12