Trump’s Crypto Push: HEC Paris Finance Community Sparks Debate
By Matteo Grassani
On May 23rd, the HEC Paris Finance Community launched its inaugural webinar, delvinginto the evolving world of cryptocurrencies. The event brought together international operators and experts to discuss the role of Bitcoin, Stablecoins, and the progressive Tokenization of real world assets.
Titled “Cryptocurrencies in the Trump Era,” the webinar was hosted by Matteo Grassani(General Counsel, Zahid Group) and Davide Robbe (Director Energy, Banca Intesa), coordinators of the HEC Finance Community. Opening the session, they highlighted the Community as an inclusive space for dialogue and innovation, designed to support the growth of finance professionals.
Beyond Bitcoin: Blockchain as a New Operating Model
Niccolò Bardoscia, Head of Digital Assets at Intesa Sanpaolo’s IMI Corporate & Investment Banking division, kicked off the panel with a macro-financial perspective on Bitcoin’s role as a strategic asset. He suggested it could represent “a new form of digital gold,” thanks to its decentralized nature and programmed scarcity – the last Bitcoin is set to be mined around 2147. Bardoscia then emphasized how tokenization will likely revolutionize wealth management by improving portfolio accessibility and liquidity, even for institutional investors. He noted that Intesa Sanpaolo was the first bank to subscribe to a digital bond issued by Cassa Depositi e Prestiti in 2024.
Francesca Failoni, Co-Founder and CFO of Alps Blockchain, offered the infrastructure industry’s viewpoint, sharing details of new data centers being developed: 150 MW in Oman and 70 MW in the United States. According to Failoni, regulatory clarity and local support are crucial for successful operations. “The United States remains the best operational environment” she stated, while also pointing to opportunities in Eastern Europe and the Middle East. Failoni explained that Bitcoin’s marginal price is tied to production costs (energy, equipment, mining difficulty), though it remains heavily influenced by market expectations, macroeconomic news, and speculative dynamics. She concluded by noting the entire sector is maturing industrially, with increasing investments and more energy-efficient operations.
Marco Boldini, EVP Global Head of Regulatory Affairs at TerraPay, focused his remarks on the rapid expansion of stablecoins. He proposed a regulatory model based on general principles coupled with specialized authorities capable of adapting to an ever-evolving market. He stressed that the “digital assets” category is currently too broad to be governed by traditional regulatory tools, highlighting the need for new, intelligent rules that can distinguish between different types of digital assets.
Prof. Co-Pierre Georg, Director of the Frankfurt School Blockchain Center, provided a geopolitical and social analysis of the ongoing transformation, which is also being accelerated by artificial intelligence. He voiced concerns over some of the Trump administration’s potential policy choices, suggesting they could undermine regulatory stability and the rule of law. Conversely, he praised Europe’s approach, which aims to provide regulatory clarity and protect consumer and investor rights, proposing it as a virtuous model compared to more fragmented visions.
A Look to the Future
A final quiz – “Bitcoin, stablecoins, and tokenization: where will we be in 5, 10, 15 years?” revealed a largely shared vision among the panelists:
- Bitcoin is likely to become a reference digital asset within 5 years.
- Stablecoins are expected to achieve significant adoption in the next 10 years, particularly for cross-border payments.2
- Tokenization will take longer – at least 15 years – but is set to expand across almost all asset classes, radically transforming how assets and services are held and exchanged.
The webinar marked an important first step for the HEC Paris Finance Community. A video recording will soon be available on YouTube and LinkedIn, along with further insights on HEC Paris official channels.
Closing the event, the other Community coordinators – Marco Ferrarese (Managing Director, SIA Partners), Walter Lippolis (Head of Investment Risk, Banca Pictet), and Giuseppe Ciciliani (Principal, ADNOC) – announced that new events and collaborations are already planned, aiming to develop further initiatives for finance professionals.
