Do you remember when the World Economic Forum published an essay that said, You'll own nothing and you'll be happy? What if I were to tell you that most of the token economy has so far operated on a very similar principle? And it's not even crypto's fault for reasons we'll get into in a moment, but the hope is that all of that is about to change with the Clarity Act, alongside evolving feedback from the market. While we all wait and see what actually makes it into US law,

no matter what happens, we just don't really know what crypto is going to look like on the other

side. As crypto initiatives across the entire industry are now faced with extensively overhauling

their existing tokens or risk being left behind. I am your host David Canellis. This is The Breakdown.

Let's get to it.

Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens.

This podcast is for informational purposes only and any views expressed by anyone on the show are opinions, not financial advice.

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So about that Wef essay, you've probably seen some memes quoting the piece, which was later republished by Forbes,

maybe with the face of Klaus Schwab, the German founder of the Wef, who served as its executive chair until he resigned last year.

Klaus didn't actually write the essay the quote is from,

that was Danish politician Ida Olkin,

a social democrat who has previously served as the country's minister for the environment

and has dedicated much of her professional energy towards sustainability in circular economies.

World Economic Forum later shared a video summarizing a number of predictions for the start of the next decade,

one of which included the now famous line and it largely became a meme from there.

The original essay actually had a much longer title. Welcome to 2030. I own nothing, have no

privacy and life has never been better. The essay itself is really a thought experiment on what

life might be like when AI and robots take over much of the work

the humans do, enabled by a hyper-connected array of apps and technology that result in all of us,

quote, suddenly having time to eat well, sleep well, and spend time with other people. Welcome to my city,

or should I say our city. I don't own anything. I don't own a car. I don't own a house. I don't own any appliances

...