The spring of 2023 presents a fascinating case study in how technology narratives shape market behavior. As Bitcoin consolidates near $29,534 and Ethereum holds steady around $1,995, two of the most discussed technological movements of the decade — artificial intelligence and cryptocurrency — find themselves entangled in ways that reveal deeper truths about how markets process innovation, speculation, and the human desire to get rich quickly.
A Globe and Mail commentary published on May 5, 2023, captured the zeitgeist with
the globe and mail got it right. AI is becoming the new crypto in terms of retail FOMO and speculative froth. same patterns different tokens
retail fomo is retail fomo regardless of the underlying tech. at least AI has revenue and real world use cases, unlike 90% of 2021 tokens
Lara V. AI has revenue but the crypto tokens riding the narrative dont. two different things pumping for the same reason
genuine AI-blockchain synergy exists in verifiable computation and decentralized training. the problem is 90% of AI tokens have nothing to do with either
^ w take. most of these projects just slapped GPT on their website and called themselves an AI blockchain company
Jin P. verifiable computation is the real use case but its nowhere near mainnet for any of these projects. everything else is a token sale dressed up in ChatGPT clothing
the deepfake provenance use case is genuinely needed right now. blockchain attestation for AI generated content could become a massive market
I remember when NFTs were the future in 2021, then metaverse was the future in 2022, now AI is the future in 2023. The more things change the more they stay the same.
NFTs, metaverse, AI. the pattern is real but this time the infrastructure actually exists to build useful things. whether projects deliver is another story
btc consolidating at 29k while ai tokens pumped 41%. classic rotation into whatever narrative is hot. seen this movie before