Traditional economies are being ‘sunset,’ in favor of the internet: VC

Blockchain, artificial intelligence and online platforms are the future of commerce as the world moves to an internet-first economy.

The traditional economy is being phased out in advanced countries that are transitioning to an internet-first economy dominated by the tech industry and digital platforms, according to Balaji Srinivasan, a former executive at crypto exchange Coinbase and the author of “The Network State.” 

“The legacy economy is being sunset in favor of the Internet economy,” Srinivasan said in an X post on Saturday.

He shared a chart showing the price divergence between the “Magnificent Seven” tech stocks, which are enjoying meteoric growth, and the remainder of companies in the S&P 500 index, which have remained fairly flat since 2005. 

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