The post ‘The world is becoming Internet-First’ — Venture Capitalist appeared on BitcoinEthereumNews.com. 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.  Magnificent Seven tech stock performance versus the remaining 493 companies in the S&P 500 index. Source: Balaji Srinivasan The S&P 500, a core economic benchmark, is a weighted stock market index of the 500 biggest companies by market capitalization listed on the US stock market. Srinivasan said: “Since the 2008 financial crisis, every transaction and every communication has moved online. But, we are still at the foot of the mountain. The next step is internet economies, communities, cities, and presidencies. The world is becoming Internet-First.” The Magnificent Seven includes consumer tech giants Apple and Microsoft, online marketplace Amazon, the parent company of Google, social media and augmented reality company Meta Platforms, high-performance computer chip manufacturer Nvidia, and electric car maker Tesla.  Technology and internet stocks dominate the US stock market. Source: TradingView Srinivasan popularized the concept of Network States, distributed online communities that he said will one day supplant traditional nation-states.  These network states will require internet-native money in the form of cryptocurrencies and represent a pivotal shift in the human story, much like the shift from agrarian to manufacturing economies during the Industrial Revolution. Related: Crypto isn’t Web 3.0, it’s Capitalism 2.0 — Crypto exec Out with the old and… The post ‘The world is becoming Internet-First’ — Venture Capitalist appeared on BitcoinEthereumNews.com. 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.  Magnificent Seven tech stock performance versus the remaining 493 companies in the S&P 500 index. Source: Balaji Srinivasan The S&P 500, a core economic benchmark, is a weighted stock market index of the 500 biggest companies by market capitalization listed on the US stock market. Srinivasan said: “Since the 2008 financial crisis, every transaction and every communication has moved online. But, we are still at the foot of the mountain. The next step is internet economies, communities, cities, and presidencies. The world is becoming Internet-First.” The Magnificent Seven includes consumer tech giants Apple and Microsoft, online marketplace Amazon, the parent company of Google, social media and augmented reality company Meta Platforms, high-performance computer chip manufacturer Nvidia, and electric car maker Tesla.  Technology and internet stocks dominate the US stock market. Source: TradingView Srinivasan popularized the concept of Network States, distributed online communities that he said will one day supplant traditional nation-states.  These network states will require internet-native money in the form of cryptocurrencies and represent a pivotal shift in the human story, much like the shift from agrarian to manufacturing economies during the Industrial Revolution. Related: Crypto isn’t Web 3.0, it’s Capitalism 2.0 — Crypto exec Out with the old and…