The supremacy of artificial intelligence (AI) on show at this year’s World Economic Forum (WEF) in Davos could not be countered by the power of a spot Bitcoin ETF. Investor attention may be diverted from the spot Bitcoin ETF by this AI domination, as capital tends to follow sentiment and money where it flows.
AI dominates crypto despite Bitcoin ETF debut
This year, the US Securities and Exchange Commission (SEC) approved the trading of spot Bitcoin ETFs, marking a significant milestone for the digital currency ecosystem.
In contrast to other years, there weren’t as many cryptocurrency startups in Davos despite the fanfare. Conversely, artificial intelligence (AI) emerged as the new kid on the tech block, and during the Davos meeting, nearly every tech company was boasting about its possibilities. AI is clearly the way of the future for technology, as seen by the talks and pitches, as well as the stands with conspicuous AI symbols.
Although this tendency of relegating AI to the background may be worrisome, Dante Disparte, Chief Strategy Officer of stablecoin issuer Circle, thinks it’s not all negative, as it just indicates that the tech stack underpinning cryptocurrencies is maturing.
I get to play in the vintage era since there’s a new child on the technological block. It’s nice that I don’t have to explain the technology as often,” he added.
It’s possible that the rise of the spot Bitcoin ETF and the absence of a matching spike in BTC prices have tempered emotions generally and given AI the upper hand.
Collaborative push in AI and crypto
Even though artificial intelligence (AI) and cryptocurrency are two very distinct technologies, Web3 ecosystem entrepreneurs are making every effort to creatively mix them. As the market has witnessed the birth of protocols like Cardano’s flagship AI chatbot Girolamo to Bad Idea AI, a project with links with Shiba Inu, the prospects look good thus far.
In the long run, it is anticipated that there will be more direct integrations of AI and crypto in the pursuit of elevating human progress.
