On Saturday, November 13, the 1st Annual Forbes Monaco Crypto & Art Gala united world experts and local billionaires who share a passion for the digital asset at the Monaco Yacht Club.
“The U.S. has been dominant in this domain of technology. It was unprecedented to have one-on-one time in Monaco with crypto billionaires and CEOs and to bring Monaco’s local community of entrepreneurs and UHNWIs to get educated in this new world of crypto,” said Luiz F. Costa Macambira, CEO and publisher of Forbes Monaco.
The live art auction featuring original works by Marcos Marin, Alexandre Beridze, Youssef SY and Cessrio Moore, raised $437,000 (€387,000), a portion of which is dedicated to the Princess Charlene Foundation and Fight Aids Monaco.
Dustin Plantholt, CEO and founder of Life’s Tough Media and host of bitcoin.com podcast, moderated a discussion over dinner with the world’s leading experts in cryptocurrency. “There are more than 300 million crypto users worldwide,” explained Plantholt, “and crypto adaptation has risen 880% in the past 12 months with 18,000 businesses worldwide now accepting the currency.”
Panelists featured Robert Grant, CEO of Crown Sterling, a digital cryptography firm. Grant (who is featured in the current October/November issue of Forbes Monaco) discussed data sovereignty and his recently introduced Data Bill of Rights that incorporates every major law protecting ownership in the world, including the U.S. Constitution and the UN Charter. “Data is the personal and tangible property of original producers and ownership is a basic human right,” he emphasized. “We decided to build a blockchain with the unique ‘One-Time Pad’ quantum-resistant encryption and have innovated a new way to deliver that.”
Plantholt, who advises the likes of of pianist John Tesh, rapper Sir Mix-a-Lot, boxer Evander Holyfield, and Apollo 11 astronaut Buzz Aldrin, estimated the total market value of cryptocurrencies to be more than $2.8 trillion USD with Bitcoin, the largest of the 7,000 digital currencies, now worth $1.2 trillion USD. This led to the introduction of Danish Chaudhry, CEO of FMFW.io, one of the top cryptocurrency exchanges in the world. Chaudhry explained how like a traditional market, “we provide traders a fully secure, fully backed security exchange for a digital market.”
Atari Chain CEO Frederic Chesnais also spoke. “Everyone says crypto is speculation but crypto is the consequence of technology … it is the blockchain technology that counts. Crypto is the product that makes the platform work.”
He referred to the largest market capitalization companies spanning forty years, stating that in the Eighties oil companies dominated the Top Ten, which shifted to financial institutions and telecoms in the Nineties. From 2000 to 2010, oil and more traditional technology was replaced by Microsoft and internet technology, then Apple came along. “Today it is primarily tech companies but by 2030, you will see blockchain companies dominate the Top Ten.”
When asked by Plantholt what mile marker we are at in this cryptocurrency stage of the ecosystem blockchain, Chesnais replied, “Mile two.” He added, “Banking is the next industry that will be disrupted by blockchain. It should not take three days for a transaction.”
Local billionaire David Iakobachvili, founder of Collection, a private museum, rounded off the discussion talking about NFTs and art.Joe Vezzani, founder and CEO of LunarCRUSH, Matt Larby, CEO and co-founder of Realm Art and Daniel Gouldman (founder of Unbanked.com) also spoke to the 100 attendees at the invitation-only event.