Back in the 2015, the World Economic Forum identified the following 6 Megatrends:
- People and the internet
- Computing, communications and storage everywhere
- The Internet of Things
- Artificial intelligence (AI) and big data
- The sharing economy and distributed trust
- The digitisation of matter
The sections of the summit covered in this post are mainly about Bitcoin and the role of government in light of this new technology.
In shift #16, they speculated that by 2027, 10% of global gross domestic product (or GDP) will be stored on blockchain technology. In addition, they expect that by as early as 2025, 58% of the respondents expect this tipping point to have occurred.
To put this in perspective, at the time of the forum, the market cap of Bitcoin was $20 billion, which represented 0.025% of global GDP which was roughly $80 Trillion at the time.
In 2017, we are currently still at around 75 Trillion Global GDP and total crypto value has risen to over $110 billion, representing 0.1467%, where Bitcoin takes the lion's share at $44 billion or 0.05% of global GDP at the time of writing.
As an investor, this should excite you in the value possibilities the future holds.
Onto economic shift #18, they expect the year 2023 to be the year where the first taxation from government is done via a Blockchain. A sizeable 73% of the participants expect this point to have occurred by then.
How will it happen or when remains unknown however, especially now with the talks and soon to arrive implementation of zero-knowledge proof protocols on existing coins (PIVX seems to be leading the pack for now).
From the PIVX website: "Private Instant Verified Transaction (PIVX) will implement Zerocoin Protocol to improve its current method of enabling private transactions. The underlying technology utilises Zero-Knowledge Proofs (ZKP) that allow users to mint and spend coins with no transaction history."
I hope this article helps to strengthen your belief in this technology and makes you remember that we're all in this for the long-term, so keep HODLing and re-balancing your portfolio as necessary.
If you want to read the full report, head to the link below (pages 24 and 26 are where the facts and numbers come from)
http://www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf