2022 is promising to be a historic year for the global cryptocurrency industry. After starting the year on a high, renewed recession fears in May, coupled with the collapse of stablecoin TerraUSD and its sister currency Luna, rattled the broader crypto markets causing additional drops in coins such as Bitcoin and Ethereum. Then in June we witnessed further price drops, cost-cutting measures, liquidity events, and fortunes wiped away as fast as they were amassed.
Despite the recent downdraft, there is no doubt crypto has firmly established itself in the global consciousness, with many characterizing it as no less than a complete revolution of internet commerce and social media. Still critics say it has little to show for all the action except a handful of new money kings and a long list of economic casualties. The truth, however, is always more complicated. For every meme coin rug pull, there is a legitimate project backed by serious people and discerning between the two is often not easy.
At the 2022 Bloomberg Crypto Summit, we’ll bring together top names from the worlds of coins, blockchain, Web3, NFTs, decentralized finance, economics, investing, venture capital, and more to talk about what’s real and what’s speculation, and what smart money should know about the next phases of growth in this ascendant industry.
The Macro Forces in 2022
The recent pullback in digital assets has many questioning their confidence in the broader market. Financial markets overall are watching for signs of a recession, inflation is surging, and the world has been thrown further into chaos by Russia’s invasion of Ukraine. Amid the current environment, are Bitcoin and other cryptocurrencies a future store of value for investors or are they a digital gamble during a period of renewed volatility? What can we take away from recent price swings, job cuts, coin collapses and liquidity events? Do the chills of this crypto winter remain or will seasons start to change?
The Regulatory Outlook
With some clear regulation in the US, the industry could finally achieve acceptance from the mainstream financial establishment 13 years after the first cryptocurrencies emerged. In 2022, we’ve already seen an executive order from US President Joe Biden, additional protections from the SEC, and a bi-partisan bill in Congress proposing a clamp down on the industry, calls for which only grew louder in May in the wake of the spectacular crash of algorithmic stablecoin TerraUSD. So what else is in store for this complex and risky market? Will new rules give increased legitimacy to the crypto industry or dampen the innovative and free-wheeling market the industry is used to?
Cryptos and Sustainability
The use and mining of cryptos like Bitcoin have a significant environmental impact. The drum is beating louder – sustainability needs to be a pressing part of the conversation. Can the world of crypto really ever be sustainable given its extensive energy consumption? By some measures, the process of generating new bitcoins uses as much electricity annually as small countries. However, for an industry with innovative talent and unlimited capital such as this one, we’ll bring together the bright ideas and big players that aim to bring real solutions to crypto's climate problem.
Web 3.0, the Metaverse and Blockchain Gaming
The controversial concept of Web3 as the next generation of the internet has fascinated the tech industry and potential investors for more than a year. Is it the truly decentralized idea the crypto ecosystem has dreamt of since its creation, or is it simply a smart re-branding of blockchain technology? Will Web3 take us a step closer to The Metaverse? Are “play to earn crypto” blockchain games poised to dominate the crypto world this year, or will the recent bridge hack endanger the entire ecosystem of Dapps and stall the explosive growth?
Is DeFi Going to Weather a 'Crypto Winter?’
Despite it being summer in the US, chills of a crypto winter are being felt and the question is how will DeFi emerge from this season differently than it went in? Who will survive, and who will die? What will happen on the regulatory front, particularly after the TerraUSD fiasco and liquidity events at crypto firms? Can top players emerge to continue to scale this sector and on-board masses of users?
Founder & CEO
Head of US Policy
Former Chairman, SEC
Advisory Board Member, Fireblocks; Of Counsel, Sullivan & Cromwell LLP