Kara Swisher Says Crypto Will Change ‘a Little Corner of the World’

As a technology journalist with years of experience covering the industry, I have seen my fair share of hype cycles and transformative technologies. Kara Swisher, another respected tech journalist and author, recently downplayed cryptocurrencies’ potential to revolutionize the world, comparing it to a minor eruption rather than the internet’s major explosion.

In an interview with CoinDesk’s First Mover, renowned technology journalist Kara Swisher, known for her New York Times bestselling book “Burn Book,” expressed her doubts about the revolutionary capabilities of cryptocurrencies. She considered digital assets significant yet not Earth-shattering in their impact on the world.

“On First Mover, she remarked that the internet underwent a significant growth spurt, akin to the Cambrian explosion. Yet, this development is minor in comparison. She likened it to a volcanic eruption in Indonesia. Although technology in this domain holds great significance, it does not hold the sole key to everything.”

Swisher pointed out that the world of cryptocurrencies is currently experiencing a significant wave of excitement and buzz, accompanied by a fair share of fraudulent activities.

I’ve noticed among crypto enthusiasts a tendency to exaggerate the impact of their technology, declaring that it will revolutionize everything. This is a common trait among technologists, who have a knack for claiming that their latest innovation will fundamentally transform the world.

Swisher is of the opinion that cryptocurrency may eventually find its place as a specialized segment in the technology industry, drawing parallels with various other technological advancements that didn’t fundamentally transform the world.

I’ve observed that while digital downloads of books have their merits, such as convenience and accessibility, they don’t always surpass the experience of holding and flipping through the pages of a physical book. As for crypto, it seemed to overreach recently, but I believe it will find its place and settle down into a more modest role.

What follows crypto?

If cryptocurrencies are losing steam and have not yet met the ambitious expectations of their most passionate advocates, then where is the excitement shifting?

Artificial intelligence, says Swisher.

“Profitable returns from AI initiatives have not been achieved just yet due to their high financial demands. Significant resources, including large-scale computing capabilities and extensive development efforts, are necessary.”

In contrast to the initial days of the internet when starting a business similar to Uber or Airbnb was an affordable endeavor, investing in artificial intelligence (AI) comes with a hefty price tag. As an illustration, OpenAI’s Sam Altman emphasized the necessity of securing vast amounts of capital for projects such as chip manufacturing in this contemporary context.

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

While AI has generated significant buzz among the general public and leading tech firms, drawing attention away from blockchain and cryptocurrency to some extent, it’s essential to note that this shift is not devoid of inflated expectations and unfounded promises akin to those prevalent in the crypto sphere.

She remarked, “AI holds significant weight in today’s context. Unfortunately, it has become a trend for businesses to label themselves as ‘AI companies’ merely by incorporating the term into their names.”