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  • Writer's pictureSarah Dixon

Davos 2024: AI in the Spotlight, Crypto Takes Backseat

Artificial intelligence (AI) has taken over as the main focus at the 2024 World Economic Forum (WEF) annual meeting, signaling a significant change in the tech industry. The increasing prominence of AI, driven by the popularity of tools like ChatGPT and Google Bard, has shifted the attention away from cryptocurrency firms, which were dominant in previous meetings. Davos 2024: AI in the Spotlight, Crypto Takes Backseat

This year's Davos Promenade, the main avenue in the Swiss ski resort town, is now home to prominent tech companies showcasing their AI products and services. Notably, several firms have come together to establish "AI House," a dedicated space for discussing and exploring the potential of this technology.

Davos 2024: Crypto Gives Way To AI

AI House’s website reported that artificial intelligence was a significant topic of discussion at Davos last year. Since then, the conversation has continued to expand and become more complex. There is a pressing need for legislators, academics, and business leaders to convene, discuss, ask questions, and propose solutions as the potential of this new technology gains greater recognition worldwide.

Investment trends indicate a noticeable shift away from crypto. According to PitchBook data, AI and machine learning startups have attracted $600 million in investments over the past three months, whereas Web3 and decentralized finance companies received only $100 million. Furthermore, Nvidia, a prominent AI player, experienced a 240% surge in its stock price in 2023.

Crypto’s Evolution: From Fringe To Mainstream

Dante Disparte, the Chief Strategy Officer at Circle, a leading stablecoin issuer, is optimistic about this trend. He notes that there are currently few cryptocurrency companies along the Promenade, with most being AI companies. He sees this as a positive development, suggesting that cryptocurrency is becoming "a background technology." Disparte draws a parallel to the dotcom bubble and the subsequent integration of the internet into everyday life.

Despite its reduced presence at Davos, the cryptocurrency industry is displaying signs of resilience. Bitcoin's value surged by 150% in 2023, and the recent approval of a Bitcoin ETF by the US Securities and Exchange Commission further legitimizes the asset class.

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Additionally, Web3 innovators are actively exploring ways to merge AI and crypto, with initiatives such as Cardano's AI chatbot Girolamo and Shiba Inu's Bad Idea AI demonstrating the potential of such integrations. While AI takes the spotlight at Davos 2024, the future of technology seems to lie in the convergence of these two powerful forces. In the long term, more direct integrations of AI and crypto are anticipated in the pursuit of the ultimate goal, which is to advance human evolution.

At Davos 2024, AI emerges as a focal point, overshadowing cryptocurrency to a secondary role. This shift highlights the evolving landscape of technology and innovation, with AI taking center stage.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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