Adena Friedman, president and CEO of Nasdaq Inc., says that cryptocurrency “deserves an opportunity to find a sustainable future in our economy,” in a post on LinkedIn, published Jan. 20.
Writing ahead of her appearance at the World Economic Forum at Davos this week — the opening day of which is today, Jan. 22 — Friedman stated that Nasdaq believes crypto will have a role in the future, characterizing “the invention itself [as] a tremendous demonstration of genius and creativity.” Thus far, she argued, crypto has evolved through what she terms a “classic invention lifecycle” — from its early path forged by pioneers in cryptography and economics, to a period of hype, the proliferation of new market entrants, and now, most recently, “a dose of reality.” Crypto thus stands at a crossroads, she says, poised between one of two outcomes: “1) Either the innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric (e.g., the Internet); or
2) The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited (e.g., the Segway).” The CEO argued that for crypto to evolve into a practical, useable invention with stable value it requires “governance and regulatory clarity.” She also suggested that both of these are, at their core, “antithetical to the original intent [of] a decentralized, ungovernable global currency.” Do you agree or disagree?
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