From 2018 to 2019, the internet dividend was almost completely consumed, and everyone began to look for the next opportunity. Cryptocurrency (Crypto) happened to emerge at this time, attracting a large amount of money and talent, feeling like the gateway to a new world. However, because it is essentially like a financial product and lacks strict regulation, it was quickly misused by various individuals, leading to many chaotic situations and earning a bad reputation for 'many scams and high risks'.

By 2022, the industry suffered a severe blow, with a series of explosive events occurring, even some sovereign wealth funds and retirement funds, the 'regular troops', were also taken advantage of, suffering significant losses. This year became a watershed moment for the crypto industry. In the following 2023 to 2024, the enthusiasm for crypto continued to decline, and the space for storytelling became increasingly limited.

At this moment, OpenAI emerged, and AI technology began to advance rapidly, moving from the laboratory into real life. People gradually realized that some of the 'innovative models' that once existed in the crypto industry were fundamentally untenable, and ultimately what remained were only payments, transactions, and a pile of mess.

In contrast, companies like Scale AI rose rapidly, and their founders became the youngest billionaires in history, attracting both capital and talent. Many people now say that AI Agent startups are in a golden 18-month window, with a large amount of money and talent shifting to this track.

As for the crypto field, apart from a group of gamblers betting on 'getting rich quick', it is gradually turning into an experimental field for the U.S. to solve debt issues and maintain liquidity in the financial market. After all, financial innovation is not so 'sexy', and is subject to various regulatory and risk constraints.

Therefore, today's crypto circle has actually just returned to its original point—high risk, high volatility cyclical games, and behind the 'myth of getting rich quickly', it ultimately follows the old routine of a few people making money while most take over the losses.