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Web Summit 2024 Opens in Lisbon, Exploring AI, Social Media, and Trump’s Influence

by THEFUTURE.TEAM

This week, Lisbon hosts Web Summit, Europe’s premier tech event, where leaders from top tech firms like Apple, Microsoft, and Meta, alongside European lawmakers, are set to tackle pressing topics including artificial intelligence, social media regulation, and the potential impact of Donald Trump’s recent re-election on global technology trends.

A major focus of the Summit is the evolving landscape of AI and the regulatory challenges it presents. As Europe moves to establish frameworks for responsible AI, representatives from tech giants will discuss balancing innovation with consumer protection and ethical use of AI.

Elon Musk’s influence also emerges as a central theme of the event, with panels examining his role in advancing space exploration through SpaceX and reshaping digital media with X (formerly Twitter). Joe Benarroch, a former executive at X, will contribute to a discussion titled “What to do about social media,” addressing the future of digital communication platforms and Musk’s impact on the sector.

Trump’s return to the White House has added fresh dynamics to these discussions, especially concerning social media moderation. Mark Weinstein, founder of privacy-focused social platform MeWe, suggested that Trump’s stance on reduced online moderation could prompt major platforms to adopt a more permissive approach toward content. 

With insights from top leaders, Web Summit 2024 is set to provide a comprehensive look at the intersections of technology, policy, and global influence.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

by News Editor

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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