As cryptocurrency prices slide and a bitter dispute over Tezos plays out, the mood at a glitzy confab of crypto heads in a Swiss alpine enclave was buoyant. finews.asia, explains why.
«I’m Jorge,» says the tall, elegant, white-haired man sitting next to me, extending his hand with a friendly smile after I offered to move for him to have a bit more room to stretch his long legs.
My friendly seat neighbor who just introduced himself – presumably not knowing I am a journalist – is Jorge Paulo Lemann, whom Forbes lists as the 28th richest man in the world with a nearly $30 billion fortune. He and an associate are taking in a three-day cryptocurrency conference held in an exclusive St. Moritz ski enclave.
Lemann may have been the wealthiest person present, but he was certainly not the only ultra-high-roller: finews.asia spotted Julius Baer scion Raymond Baer and fund-of-fund pioneer Rainer-Marc Frey among the 160 participants who ponied up the 3,700 euro attendance fee.
Turned Away
Attendees were still subject to a hand-picked selection process (over 240 of them didn't make the cut), and several hopefuls who flew in without a ticket were turned away by co-organizer Marc Bernegger, a source told finews.asia.
What awaited them? An three-day access event for the super-wealthy with token pitches and presentations on everything from how to store coins to how to declare them on your taxes, liberally interspersed with networking opportunities over cigar lounges, night skiing, and a open-ended party at the King's Club, where guests are told to «dress to impress».
«Happy Despite Carnage»
The contrast was startling: a clubby meeting of billionaires in Suvretta House (lobby pictured below), where double rooms start at 600 Swiss francs – while the price of bitcoin and other digital tokens slide in value. Switzerland has pitched aggressively to attract cryptocurrency providers – courting controversy in the process.
«Can you see that everyone’s happy?,» Global Advisors Chairman Daniel Masters remarked to me over lunch prepared buffet-style by white-jacketed waiters.
«Happy Despite Carnage»
He’s right – the mood over an ample lunch buffet of sliced veal and Grison specialties is far from the gloom after China’s ban of cryptocurrencies last year or the Mount Gox theft. Everyone – from cryptocurrency providers to the coterie of lawyers, consultants, fund managers, and wealthy potential investors – is buoyant and full of promise.
Why, if the recent price slide has destroyed an estimated $270 billion in market capitalization? Many investors had cashed out before the precipitous fall, explains Masters, whose firms offers cryptocurrency funds as well as services like treasury handling for initial coin offerings.
«When the drop comes, they are now cash rich, and they can buy back cheaper. That’s why everyone here is happy, despite the carnage.»
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