Davos 2024 highlights the rise of AI and the decline of cryptocurrency. The main strip is now filled with AI slogans and promises, reflecting the surge in global AI investment. Meanwhile, the crypto industry appears to be maturing, with a diminished presence and a focus on solidifying its legitimacy.
Davos 2024 is a tale of two technologies: Artificial Intelligence (AI) ascends, while cryptocurrency fades into the background. Gone are the days of Bitcoin Pizza Days and flashy NFT showcases; the main strip in Davos is now awash with AI slogans and futuristic promises. This dramatic shift reflects a surge in global AI investment, fueled by the explosive popularity of ChatGPT and the scramble for technological leadership.
From Intel and Salesforce to Swisscom, tech giants are vying for prominence, plastering their properties with AI proclamations and hosting dedicated event spaces like the “AI House. ” The data backs up the hype. PitchBook reports a sixfold increase in AI investment compared to Web3 and DeFi startups.
And Nvidia, the AI market’s poster child, witnessed a 239% stock surge in 2023. This buzz is unlikely to fade soon. AI pushes Crypto to the sidelines Meanwhile, the crypto industry seems surprisingly at ease with its diminished presence.
Dante Disparte, a Davos veteran and crypto advocate, sees this as a sign of the technology’s maturation. “Crypto is becoming a background technology,” he says, comparing it to the dotcom bubble that paved the way for a more stable internet. While some major crypto players, like Circle and CasperLabs, still maintain a presence, the overall atmosphere is one of subdued celebration.
Despite Bitcoin’s 150% rally in 2023 and the recent approval of a Bitcoin ETF, the industry seems more focused on solidifying its legitimacy than promoting flashy gimmicks. The 2024 World Economic Forum marks a turning point. AI has grabbed the spotlight, and while cryptocurrency isn’t fading away, its role seems to be shifting.
The future of technology, it appears, is written in code, not distributed ledgers. Explore Your Financial Landscape with Personalized Credit Insights. About the Author TOI Tech Desk The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India.
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