At CoinDesk’s Consensus Hong Kong this week, industry leaders sketched a picture of crypto carving out a fresh role — not just for people, but for machines — even as traders and regulators grappled with volatility and shifting policy priorities. Machine economy: crypto as the payments rail for AI Hong Kong Financial Secretary Paul Chan Mo-po outlined an emerging “machine economy,” where autonomous AI agents could hold and move digital assets, pay for services and transact with one another onchain. That vision got practical backing from Binance CEO Richard Teng, who told a Thursday fireside audience that agentic AI — apps that autonomously book travel, make purchases and execute tasks — will likely pay via crypto and stablecoins. “Crypto is the currency for AI,” Teng said, predicting that routine agent-driven transactions will settle onchain. Market mood: volatility and a lower floor in focus Bitcoin, trading near $66,350.94 during the conference, has tumbled sharply — down about $30,000 over the past month — and some attendees warned it may not have hit bottom yet. Market watchers singled out $50,000 as a key level to watch as traders try to read the next leg of the market. Betting and prediction markets under scrutiny Sentiment around betting and prediction platforms cooled at the event. Some traders voiced concern these markets could drain liquidity away from “productive sectors,” potentially creating a wider “negative wealth effect” on the broader economy and investor base. Regulation: Hong Kong presses ahead while eyes stay on the U.S. Although much attention fell on Hong Kong policy moves, participants said they were also watching U.S. lawmakers closely. One attendee noted that because the U.S. market is so large, its regulatory outcomes influence policymaking elsewhere — and some jurisdictions are waiting for Washington’s lead. Hong Kong, by contrast, appears determined to act: the Securities and Futures Commission is advancing proposals to fold more crypto firms into its regulatory framework. Bottom line Consensus Hong Kong highlighted a convergence of trends: a bullish narrative about crypto’s role as the payments layer for AI-driven services, persistent market turbulence with eyes on critical support levels, rising caution around prediction markets, and an active regulatory push in Hong Kong amid watchful attention on U.S. outcomes. Read more AI-generated news on: undefined/news