Crypto Asset Panel Discussion at Davos (World Economic Forum)

I had high hope for Davos' (world economic forum) panel discussion on crypto currency this year, but it turned out to be a duh. 

First of all, why named their discussion "The Crypto-Asset Bubble"?   The crypto asset in total, based on coinmarketmap.com, is about $560 billion currently. In comparison, global GDP will be about $83 trillions this year, while most developed countries have debt about 1.5 to 2 times of their GDP.   Crypto is like a tiny drop in a big ocean of fiat money. 

Second, although it is named "the crypto asset", the discussion is 99% about Bitcoin. There were not much discussion on ICOs, which should be the core focus. 

There were a couple interesting points here and there. 

1. Rober Shiller, Yale economics professor and Nobel prize winner, said he was consulted before the launch of the Bitcoin CME future contracts. He initially opposed it, but later changed his mind.   He said bringing in players like shorters would smooth out Bitcoin's price swing.  

2. Cecilia Skingsley, Swedish central bank deputy governor, thinks over 300 years, central banks have learned their lessons to handle economy more efficiently. And she thinks Bitcoin can be an asset akin gold, but because of its price volatility, cannot be a currency. 

3.  Jennifer Zhu Scott, Radian Partners principal, thinks the current financial system needs innovations, and crypto currencies provide that. She was asked if she has 'Bitcoin, Ether or Ripple' (BTC, ETH, XRP).  Her answer was Bitcoin and Ether because of their 'de-centralization ideas'.  

4. Neil Rimer, VC, is the only person who puts a target on what the price of Bitcoin will be in a year. He said '25k', but also said 'don't quote me on it'. 

5. All of them don't think Bitcoin currently poses a thread to our financial stability.  Most of them don't think global regulation collaboration among governments are possible. 

Here is the link to the full discussion.