An Annual Technology Conference in Europe Focuses on Cryptocurrency

One of the world's biggest technology get-togethers kicks off in Lisbon, Portugal, with organisers saying a key aim is to ask tough questions about cryptocurrencies.

FREMONT, CA: One of the largest technology conferences in the world begins in the capital of Portugal, with organisers stating that one major goal is to pose difficult questions concerning cryptocurrencies. The four-day Web Summit and associated events will draw about 100,000 attendees in Lisbon. This is the first major gathering since 2019 due to the pandemic's disruption.

The conference aims to bring together start-ups, investors, business executives, and agenda-widening speakers. This year's schedule includes linguist Noam Chomsky and heavyweight boxing champion Oleksandr Usyk. However, a number of the top positions are occupied by cryptocurrency experts, including Changpeng Zhao, the CEO of cryptocurrency exchange Binance.

Numerous businesses are supporting the technology that supporters believe will shape the future of the web, gaming, and ultimately the entire financial system, from start-ups to billion-dollar behemoths Yuga Labs and OpenSea. However, cryptocurrency has been mocked as a tool for creating speculative bubbles, concealing illegitimate wealth, and facilitating scams. Paddy Cosgrave, the conference's organiser, told AFP that there were a lot of questions to be answered regarding cryptography and that it was mainly smoke and mirrors.

They've done their best to convince many of the leading figures in the field to attend, and some of them may receive a light beating on stage, depending on how things pan out.

Also granted slots are crypto-sceptics such as actor Ben McKenzie (Gotham, The O.C.).

According to the organisers, the 70,000 tickets for the event were sold out. Cosgrave estimated an additional 30,000 people would be in Lisbon for related events. Although Zhao's business is the industry leader, it has repeatedly been accused of attempting to avoid regulatory oversight, accusations that it has refuted. With a USD 500 million investment to support Elon Musk's purchase of Twitter, it also got involved in one of the biggest stories of the week. However, the broader cryptocurrency industry is having trouble due to falling prices and waning consumer interest. Additionally, the entire tech sector deals with supply chain issues, trade tensions between the US and China, and economic volatility that has driven away investors.

Cosgrave, though, dismissed any notion that events like his conferences contributed to boosting investment or improving the sector's fortunes. He claimed that the issue wasn't really about the establishment or the powerful businesses of the present. It's a gathering of businesses that could have a big impact in the future. But as is customary, the Web Summit will have a large number of representatives from the leading corporations' Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Meta (NASDAQ: META) will all be present.

But on a smaller scale than the previous year, when Facebook's Nick Clegg and whistleblower Frances Haugen were guests at the conference and claimed their firm incited hatred in exchange for hits.

The event has a history of providing whistleblowers a voice, and this year Mark MacGann, who released information on Uber's aggressive lobbying, will deliver a talk, Cosgrave noted. More than 1,000 presenters, covering everything from artificial intelligence to cybersecurity, are expected to participate, according to the organisers.