Davos 2025: Bitcoin discussions in full swing
World Economic Forum in Davos
These days, the World Economic Forum is taking place in Switzerland, an annual event that gathers leading global politicians and businesspeople. However, this year, the focus has shifted from geopolitics and economics to cryptocurrencies and their future prospects.
History of the forum
The World Economic Forum (WEF) is an international non-profit organization founded in 1971 by Swiss economist Klaus Schwab. Initially, it was called the European Management Forum and was designed as a platform for business leaders to exchange ideas.Over time, the forum's format evolved, incorporating politicians, economists, scientists, and public figures. In 1987, it was renamed to its current title and is now held annually in Davos, Switzerland.
The primary goal of the forum is to address and solve global economic, social, and political challenges. Topics such as sustainable development, inequality, technological advancement, international cooperation, crisis management, and climate change are typically on the agenda.
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Simply put, the forum allows leaders from various sectors and countries to collaborate on solutions to humanity's pressing issues.
Bitcoin in the spotlight
The 2025 Davos forum, held from January 20 to 24, stands out due to its focus on digital assets. While global issues like the war in Ukraine, the humanitarian crisis in Gaza, and the rise of artificial intelligence remain on the agenda, the lion’s share of discussions revolves around Bitcoin and cryptocurrencies.
This shift in focus is largely attributed to Donald Trump, who was inaugurated as the new U.S. president on the forum’s opening day. Throughout his campaign, Trump strongly advocated for the benefits of cryptocurrencies, with Bitcoin even reaching a new all-time high above $100,000 during this period.
Debates on Bitcoin reserves
One of the key discussions centered around Trump’s initiative to establish a national Bitcoin reserve. Most speakers agreed that maintaining a Bitcoin reserve is a prudent strategy, as demonstrated by companies like MicroStrategy.
“Many governments hold gold, but I think they should hold Bitcoin because it’s essentially the new gold standard. You should store assets that preserve value over time,” stated Coinbase CEO Brian Armstrong during a forum discussion.
However, not everyone supported this idea. South African Reserve Bank Governor Lesetja Kganyago opposed the initiative, emphasizing blockchain and CBDCs as South Africa’s priorities, jokingly adding that “it’s better to create a national reserve of beef or apples instead of Bitcoin.”
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Statements, predictions, and challenges
One of the boldest statements came from BlackRock CEO Larry Fink, who predicted that Bitcoin could reach $700,000 in the future if asset managers allocate 2-5% of their portfolios to it. Fink emphasized Bitcoin’s potential as a hedge against currency devaluation, though he clarified he’s not promoting BTC.
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Skepticism toward Bitcoin also lingers. Goldman Sachs CEO David Solomon referred to Bitcoin as an “interesting speculative asset” but expressed preference for the U.S. dollar.
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Similarly, Bank of America CEO Brian Moynihan pointed to regulatory barriers, noting that American banks are ready to accept crypto payments but need a clear regulatory framework.
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Conclusion
While it’s too early to draw final conclusions from the 2025 World Economic Forum, it is clear that cryptocurrencies, particularly Bitcoin, have taken center stage this year. Discussions range from national Bitcoin reserves to the broader future of digital assets.
The debates in Davos highlight that cryptocurrencies continue to shape the global economy, even amidst skepticism from major financial players. Entrepreneurs and bankers alike stress the need for clear regulations to facilitate wider adoption. Regardless of their official status, cryptocurrencies have already become a key topic in the global dialogue on the future of finance.
