Crypto has become boring in 2024 while AI creates peak apathy for new tech

As we approach the end of 2024, the emerging tech landscape bears little resemblance to that of 2019. In just five years, the whirlwind of innovation that swept through decentralized finance, artificial intelligence, and blockchain technologies has transformed our digital world at a dizzying pace. Yet, amid this rapid progress, I see a curious phenomenon emerging: innovation fatigue.

Due to the breathtaking advancements in tech over the past five years, from DeFi summer to ChatGPT, the world is entirely different in 2024 from the world we knew pre-COVID.

Once ablaze with enthusiasm, the crypto market now struggles to maintain momentum. Bitcoin, after briefly surpassing $70,000 earlier this year, has retreated to around $55,000. In parallel, NVIDIA, the poster child of the AI boom, has seen its stock price decline sharply. While global economic uncertainties and inflation concerns offer partial explanations, they fail to capture the complete picture.

I’m not convinced this growth stagnation is simply a commentary on economic global uncertainty due to high inflation. Inflation is coming down almost everywhere and is expected to continue to decline. Additionally, the Fed is about to cut interest rates this month. As a result, analysts are bullish on US GDP growth for 2025-2028, expecting the economy to rebound strongly as rate cuts take effect. This optimism is based on expectations of recovering labor force participation and solid productivity growth.

So, is high inflation really a good enough answer, or is it just an issue being parroted because it’s easier than looking beyond key talking points?

Perhaps the world is becoming oversaturated by ‘game-changing,’ ‘revolutionary,’ and ‘next-generation’ technology to the point where people just don’t care anymore.

Crypto is boring in 2024, except for Bitcoin

The crypto industry, in particular, is grappling with a paradox. Despite technological advancements, public engagement seems to be waning. The constant barrage of “revolutionary” Layer-1 blockchains, “game-changing” Layer-2 solutions, and “next-generation” AI models has created a cacophony of innovation that’s increasingly difficult for the average person to parse.

Personally, I find it almost impossible to get excited about the 1,000th new DeFi project or layer-2 press release that hits my inbox each day, trying desperately to convince me the project is revolutionary. Even when the tech is extremely cool, I ask myself, “Can…