Artificial intelligence has become the focal point of attention at the World Economic Forum (WEF) in Davos this year, displacing crypto and blockchain from the spotlight.

The WEF, which commenced on January 15 in the Swiss town of Davos, attracted over 60 heads of state and government.

In past years, crypto companies were prominent in the advertising arena along Davos’ main promenade. However, in 2024, AI firms have taken over the billboards, according to CNBC.

This shift reflects the surge in interest and investment in AI over the past year. Meanwhile, crypto has retreated from the Davos stage following a challenging 2022, a lackluster 2023, and waning enthusiasm for ETFs.

AI Steals the Limelight

Dante Disparte, Chief Strategy Officer for Circle, mentioned to the outlet that this shift wasn’t necessarily negative, as the crypto industry had been focused on conveying the technology’s story 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.

Nonetheless, some crypto firms and organizations were still present alongside the AI-dominated main strip in Davos. Along with Circle, the Global Blockchain Business Council and CasperLabs had a presence.

Furthermore, the approval of spot Bitcoin ETFs and other milestones have solidified crypto’s status as a legitimate asset class.

Crypto’s Pivotal Moment in 2024

In 2024, the crypto industry finds itself at a crucial juncture, with the theme of rebuilding trust providing an opportunity for the industry to progress through improved practices.

Global Risk Report

The World Economic Forum recently released its Global Risks Report 2024, with a notable focus on artificial intelligence.

Misinformation and disinformation were identified as the top short-term risks over a two-year timeframe, with AI playing a role in generating such content.

Scammers have turned to generative AI to create deepfake videos on a large scale. MicroStrategy Executive Chairman Michael Saylor recently cautioned investors about the proliferation of fake videos featuring himself promoting deceptive Bitcoin giveaways.

Earlier this month, Solana co-founder Anatoly Yakovenko also appeared in a deepfake video promoting a fraudulent crypto “giveaway.”

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