Union Square Ventures' Fred Wilson thinks AI interest resembles crypto hype cycle

Quick Take

  • Union Square Ventures’ Fred Wilson sees a lot of similarity between the crypto hype cycle and the renewed interest in artificial intelligence. 
  • Wilson remarked on the two industries at a Thursday event in New York. 

Venture capitalist Fred Wilson likened renewed excitement toward artificial intelligence to the cycle he's seen around cryptocurrency.

"I think these technologies kind of go in these hype cycles," Wilson said. "We had this huge hype cycle in web3. And now we’re definitely in the trough of disillusionment and we’re in the full hype cycle of AI. And I think there will come a time when we calm down a little bit and realize we’re not gonna be working for robots in a few years."

Wilson, co-founder of Union Square Ventures, was speaking in a Thursday panel where he discussed AI and crypto.

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Wilson's Union Square Ventures has invested in numerous companies like Twitter, Coinbase and Stripe. Also on the roster include web3 powerhouses like Dapper Labs and Dune Analytics, as well as AI-focused startups like Alife. 

Amid regulatory uncertainty in the web3 industry, Wilson has said that USV will "double down" on crypto venture capital investments, The Block previously reported.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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