I am extremely happy that the ETF issue surrounding the approval of Bitcoin spot ETFs, which has been simmering for months, has finally come to a positive end.

As disappointing as the subsequent development of the Bitcoin price may seem at first glance, the long-term effects are expected to be groundbreaking and positive.

The reporting on ETFs continues to dominate in numerous media outlets, framing Bitcoin as a new asset class in the financial world. Much less attention, however, was given to the World Economic Forum (WEF) 2024 in Davos. Decision-makers from politics, business, and the financial world met here once again to make groundbreaking decisions. The increased importance of cryptocurrencies was evident, for example, in the lead article published on the WEF website by Jeremy Allaire.

Blockchain technology offers comprehensive advantages for the global economy. The CEO of Circle – the company behind the stablecoin USDC – states in the article that financial applications based on blockchain networks are superior to traditional financial services. From JPMorgan’s JPM Coin to the introduction of Bitcoin custody services by BlackRock in collaboration with Coinbase, the number of financial giants embracing cryptocurrencies has exploded in the past year.

The trend confirmed by the WEF shows that the time is now ripe for global adoption of blockchain technology, due to its multifaceted advantages and applications such as decentralization, cost savings, security, and faster settlement times.

My conclusion: stablecoins are a cornerstone of the crypto ecosystem. Stablecoins bridge the gap between cryptocurrencies and fiat currencies, as their price is pegged to conventional currencies such as the US dollar or the euro. For example, the USDC stablecoin is fully backed and can be converted into US dollars at a 1:1 ratio through crypto trading platforms such as Bitpanda or Coinbase. This significantly reduces volatility compared to cryptocurrencies and creates a form of digital money based on blockchain. These money tokens are suitable for daily trading transactions, payments, and transfers between crypto exchanges or blockchain service providers.

The WEF has also placed its focus on the role of – seemingly boring – stablecoins as the center of the global crypto-financial revolution in 2024. The increasing adoption of stablecoins is the basis for creating a global blockchain infrastructure.

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