BlockBeats news, June 5: Curve founder Michael Egorov posted that there is currently a surge of pessimistic sentiment regarding Bitcoin and the crypto market, as crypto assets have temporarily ceased to be the market’s preferred focus, with AI stocks now dominating. Crypto is not a “toy”—it is fulfilling its true purpose: enabling self-sovereignty for every user and providing a financial infrastructure that is always online and never stops operating. Institutions are also adopting infrastructure without cumbersome intermediaries, meaning that, fundamentally, the crypto industry is in a better state than ever before.
Egorov also noted that AI is a foundational technology but will experience its own "valley of death." He believes that replacing humans with AI leads to AI outputs feeding back into AI inputs, resulting in declining quality, while the cost of maintaining such systems grows exponentially. Large companies pushing for ubiquitous AI may not be using it correctly, leading them to report inflated expenses. Both crypto and AI are foundational technologies, but they are not the same and are not inherently competitive. He stated: "Crypto is the future of finance."