AI Usurps Crypto at Davos World Economic Forum

The WEF in the Swiss town of Davos kicked off on Jan. 15 with more than 60 heads of state and government in attendance.

In previous years, crypto companies were leading the advertising race in the main promenade in Davos; however, the billboards have been taken over by AI firms in 2024, reported CNBC.

This shift reflects the explosion in interest and investment in AI over the past year. Meanwhile, crypto has faded from the Davos spotlight after its terrible 2022, lackluster 2023, and fading ETF fever.

AI in The Spotlight

Chief strategy officer for Circle, Dante Disparte, told the outlet that this was not necessarily a bad thing because the crypto industry had to tell the story of the technology in recent years.

“Today, there are very few crypto houses along the Promenade. They’re all AI houses, which is good. That suggests that this is becoming a background technology.”

“There’s a new technology kid on the block, which means that I get to become a vintage player. And I don’t have to explain the tech so much so that’s encouraging,” he added.

Nevertheless, there were still some crypto firms and organizations present along the AI-dominated Davos main strip. In addition to Circle, the Global Blockchain Business Council and CasperLabs had a presence.

Moreover, there is a sense that crypto’s place as a legitimate asset class is now locked in after milestones like the approval of spot Bitcoin ETFs .

Overall, crypto is at a pivotal moment in 2024, and the theme of rebuilding trust presents an opportunity for the industry to move forward through better practices.

Global Risk Report

Additionally, the World Economic Forum recently published its Global Risks Report 2024, and artificial intelligence was high on the agenda.

Misinformation and disinformation were listed as the top risks for the short-term two-year timeframe, and AI is now being used to generate it.

Scammers have been turning to generative AI to produce deepfake videos on a large scale. Over the weekend, MicroStrategy executive chairman Michael Saylor warned investors over the surge in fake videos featuring himself offering scammy Bitcoin giveaways.

Earlier this month, Solana co-founder Anatoly Yakovenko was also featured in a deepfake video offering a scam crypto “giveaway.”