Step Aside Bitcoin, Time For Strategic Beef Reserve? World Economic Forum Day 2 Highlights

Step Aside Bitcoin, Time For Strategic Beef Reserve? World Economic Forum Day 2 Highlights

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A lot is happening — the World Economic Forum is now in its third day, Donald Trump is signing 100 executive orders a day, and McDonald’s McRib sales are strong.

“I hope you live in interesting times.” People forget that this is not a Chinese proverb, but a Chinese curse!

It works. This year’s Davos Forum is all about Bitcoin and artificial intelligence. Here are some highlights so far:

Jamie Dimon on Elon Musk: He’s “our Einstein”

Jamie Dimon wants the world to know that he and Elon Musk have buried the hatchet. “Elon and I hugged each other,” Damon casually told CNBC in Davos, the Swiss playground for the global elite. After a conversation at a JPMorgan event, the two settled their beef.

Dimon didn’t hold back on the praise, describing Musk’s projects — Tesla, SpaceX, Neuralink — as monuments to innovation. “This guy is our Einstein,” Damon announced as he rolled out the red carpet for the future collaboration. “I want to help him and his companies however we can.”

This public rapprochement comes after JP Morgan abandoned the $162 million lawsuit it filed against Tesla due to a contractual dispute related to stock guarantees. Wall Street appears to have moved on, or at least Dimon has.

World Economic Forum: Doubts about Bitcoin as a reserve asset

Lesetia Kganyago, head of South Africa’s central bank, has quietly dismantled the idea of ​​Bitcoin as a strategic reserve. Speaking about Trump’s pledge to create a bitcoin reserve in the United States, he compared the idea to amassing reserves of obscure commodities, dismissing it as impractical.

“There is a history to gold. There was once a gold standard,” Kganyago noted. “If we now say Bitcoin, what is the next step? Platinum? Apples? Strategic beef reserves?

His sharp comparison confirmed his belief that Bitcoin lacks the historical and intrinsic value of gold, raising questions about governments adopting it as a reserve asset. Kganyago also expressed concerns about the influence of lobbying from the cryptocurrency industry in shaping financial regulations.

“If regulation is going to be created through the power of money, then we have a problem,” Kganyago noted, noting the massive sums the cryptocurrency industry has pumped into political campaigns.

Coinbase CEO Brian Armstrong painted a very different picture, praising Trump’s stance on cryptocurrencies and the potential they bring to the industry. Armstrong highlighted the significant rise in the value of Bitcoin after Trump’s re-election and pointed out the possibilities that Bitcoin reserves could open for the US economy.

“Trump’s influence here is undeniable,” Armstrong said. “For the leader of the largest country by GDP in the world to openly support cryptocurrencies – this is unprecedented.”

no!! The World Economic Forum is bad, no!!!

Although parts of Davos may be short-sighted in terms of vision, the millionaires and billionaires at the World Economic Forum also want to impose higher taxes on themselves and reduce loopholes.

Based on? Hey, we’re not complaining. However, the thing is that there is nothing stopping them from paying more than they have to. If they wanted to, they would have done so already.

So, as always, the World Economic Forum is mixed bag.

We’ll keep you updated if they create an apple and beef tallow reserve.

Explore: The history books will remember cryptocurrencies in 2025: But what are the best new cryptocurrencies to buy?

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