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(Bloomberg) –
Michael Novogratz, founder and CEO of Galaxy Digital, told the Qatar Economic Forum that he is still a buyer of bitcoin and prefers digital currency over buying gold.
Earlier on Tuesday, the CEO of Binance Holdings said the cryptocurrency market is still quite healthy despite a recent massive sell-off. Swiss Re chairman Sergio Ermotti has called cyber risk one of the biggest challenges businesses face, just after the pandemic.
The three-day event kicked off on Monday, with billionaire investor Ray Dalio and former Treasury Secretary Lawrence Summers telling the Forum that the United States was heading into a period of overheating and inflation that could threaten the recovery.
The Qatar Ministry of Trade and Industry, the Qatar Investment Promotion Agency and Media City Qatar are the underwriters of the Qatar Economic Forum, powered by Bloomberg.
Highlights
Dalio and Summers still see risk of US overheating after Fed change Asia’s richest man has no choice but to make businesses green Ramaphosa calls for more IMF reserves for the African virus recovery Qatar sees $ 20 billion boost economy from 2022 FIFA World Cup
Novogratz: Long-Bitcoin wins over Long-Gold (11:25 am Doha)
Billionaire investor Novogratz has said he sees Bitcoin as digital gold. If you’re going to be long gold, Bitcoin is a better version because it has the same macro tailwinds, but it’s also very early in the adoption curve.
Crypto is a luxury in developed markets, it is a necessity in developing markets, where you have currencies that devalue 20% to 30% every year, Novogratz said. For the general crypto user, however, Bitcoin and Ethereum are probably sufficient, he said.
Dan Morehead, CEO of Pantera Capital, told the same panel that there are many good crypto products besides Bitcoin to invest in. This year Bitcoin is up 34%, our hedge fund which trades in liquid tokens is up 240%, he said.
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Ethereum is the second largest, it’s very important.
Binance CEO Says Crypto Market Still Healthy (11:10 am Doha)
It is very difficult to say why the currencies fell, Changpeng Zhao, CEO of Binance Holdings, said in an interview, citing positive news like El Salvador embracing Bitcoin and negative headlines like China cracking down on the currency. From our perspective, we just see people placing orders.
China’s escalating crackdown on cryptocurrencies has left Bitcoin flirting with $ 30,000, a price point seen as critical to the largest virtual currency’s near-term prospects.
Zhao said he expects more countries to adopt cryptocurrencies and that China’s crackdown on miners will have a short-term rather than a long-term impact.
Masters sees $ 10 trillion fintech opportunity (11:05 am in Doha)
Technologies that integrate the disparate networks of the financial industry offer a disproportionate investment opportunity, according to Blythe Masters, CEO of Motive Capital.
The opportunity to develop platform-type businesses that connect large networks is particularly exciting for financial services, Masters said during a fintech panel, adding that the industry has been lagging behind in terms of disruption that platform companies can contribute to this space.
The potential market is vast. More than one in four technology dollars is spent on financial technology by both financial and non-financial companies, Masters said. This represents a market opportunity of approximately $ 10,000 billion.
Masters, a former executive of JPMorgan Chase & Co., was speaking alongside Snoop founder Jayne-Anne Gadhia and Zenith Bank chairman Jim Ovia.
Ermotti warns of cyber risks (10:45 am Doha)
Awareness of the risks of major cyber attacks is widespread, said Swiss Re chairman Sergio Ermotti, while questioning whether enough potential fixes are in place.
Risks in cyberspace are very difficult to predict and insurance premiums against cyber attacks now represent some $ 7 billion per year for insurance companies, Ermotti said, adding that Swiss Re expects the demand for insurance to cover these risks triples to almost $ 20 billion by 2025. Some estimates show that claims for cyber risks from insurance companies currently amount to $ 1 trillion per year, a said Ermotti.
Not all of these risks can always be fully covered and there is a need in the market for all players to cover tail risks, Ermotti said. With events like the recent hacks of Irish healthcare services and US pipelines, we are increasingly aware of the need for governments to reflect on policies that allow the private and public sectors to cooperate on how to tackle these. risks, he added.
Mittal says India needs competition in telecommunications (10:25 am Doha)
Years of fierce price competition have left only two and a half operators in India’s telecommunications industry and it would be tragic if that were reduced to two, said Sunil Mittal, president of Bharti Airtel Ltd., the second largest operator. wireless from India. forum.
While billionaire company Mittals has gained market share, it lags behind Mukesh Ambanis Reliance Jio Infocomm Ltd., India’s largest network by number of subscribers. A third player, Vodafone Idea Ltd., is hanging by a thread, with senior executives warning in the past that it could go bankrupt.
It wouldn’t be a good outcome for the telecommunications industry or Indian consumers, Mittal said. India is a very big country. It deserves to have three private sector players.
India’s Best Private Employer Sees More Flexibility (10:00 am Doha)
The world of work will not return to pre-Covid standards, said Tata Sons Pvt Ltd President Natarajan Chandrasekaran, while insisting that the office remains a critical hub and staff will gradually return. Chandrasekaran, head of India’s largest private sector employer, said workplaces would benefit from more staff flexibility thanks to technology.
When the pandemic hit India in early 2020, the 150-year-old airline steel conglomerate rushed to adapt to lockdown restrictions. Tata Consultancy Services Ltd. – its largest company in terms of number of employees and profitability – nearly half a million workers have switched to working from home.
Google sees AI driving cloud business (9:00 am Doha)
Google expects artificial intelligence and data analytics to create opportunities in its cloud business, its chief financial officer said.
What has really excited us are the investments and opportunities in our cloud business, said Ruth Porat in an interview with the Qatar Economic Forum. Our cloud business really benefits from amazing data analytics, the AI behind it, and then we brought in some talent to focus on very industry specific solutions.
Porat noted how Google’s cloud firm has prioritized targeting financial services and retail to gain more business, after being asked what sets the company apart from competitors such as Microsoft Corp. and Amazon.com Inc.
Qatar could give up on Gulf debt crisis (7:30 a.m. in Doha)
One of the largest and highest-rated borrowers in the Gulf won’t need to return to the debt market anytime soon, although he may choose to take advantage of low interest rates.
The only time we might need financing is simply to improve our financial situation, such as refinancing outstanding debts at a lower cost, said Ali Al Kuwari, acting finance minister of Qatar and minister of trade and industry. . A rise in global energy prices helped the small country generate a Qatari 200 million riyal ($ 54 million) surplus in the first quarter over the 54 billion riyal deficit it had anticipated.
If the situation continues, investors should expect Qatar to exploit the bond markets only to be opportunistic, he said in an interview with the Qatar Economic Forum which will be broadcast in full on Tuesday.
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