“It’s not the center of everything”

• Technology journalist and author Kara Swisher downplayed the transformative potential of cryptocurrencies, likening it to a small eruption compared to the great explosion of the Internet.

• Swisher criticized the hype and “con” of cryptocurrencies, predicting that digital assets will establish themselves as a niche within the broader tech landscape.

• Artificial intelligence is now in the spotlight, attracting great interest and technology investment, although it faces an inflated hype cycle.

In a interview with CoinDesk’s First MoverTechnology journalist Kara Swisher, author of the New York Times bestseller “Burn Book,” said she is skeptical that cryptocurrencies have transformative potential, calling digital assets important but not capable of changing the world.

“The internet was a big Cambrian explosion. This is a small one. I imagine a volcanic eruption in Indonesia,” he told First Mover. “It’s a very important area of ​​technology, but it’s not the most important. It’s not the center of everything.”

Swisher argued that the cryptocurrency industry has been caught up in a “huge hype cycle” with a significant amount of “scam” involved.

“Cryptocurrency players have really exaggerated this, saying that everything will change,” he said. “This is something typical of technologists… [saying] that will change the whole world.”

Swisher believes that cryptocurrencies will end up becoming just another niche within the broader tech landscape, comparing them to many other technological innovations that have come and gone without reshaping the world.

“It has to replace something better. Digital downloads of books, for example, are not necessarily better than physical books, but they are very good,” he said. “[Crypto] He’s outgrown himself, but he’ll settle into a nice little corner.”

What follows cryptocurrency?

So, if cryptocurrencies are running out of steam and have yet to realize the grand visions of its most ardent supporters, where is the hype going?

Artificial intelligence, says Swisher.

AI is not yet profitable because “these initiatives are very expensive and require substantial investments in computing power and development,” he said.

“Unlike the dawn of the Internet age, where anyone could launch ventures like Uber or Airbnb at low cost, AI requires significant capital,” he continued, citing OpenAI’s project. Sam Altman wants to raise huge sums for projects such as chip manufacturing.

“Only big companies can afford to lose this money and afford to pay for it,” he said.

The story continues

But AI has captured the interest of the public and major tech companies in a way that has taken some of the momentum away from blockchain and cryptocurrencies, though not without its own hype and exaggerated claims similar to those seen in the crypto space.

“AI is a big deal in comparison,” he said. “It’s just that everyone has to put AI in their company name, and then they become an AI company.”

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