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Discussions at the event centered around crypto’s function in payments for AI, regulatory developments, and the digital asset market.
Consensus Hong Kong exhibition floor. (Isaac Lawrence/Consensus modified by CoinDesk)
Key points:
- Speakers at CoinDesk’s Consensus Hong Kong conference indicated that cryptocurrencies and stablecoins are likely to emerge as the primary payment methods for autonomous AI agents in a developing “machine economy.”
- Market experts cautioned that bitcoin, which has already decreased by nearly $30,000 over the past month, may experience further declines, with $50,000 being a critical level to monitor.
- Hong Kong regulators are advancing with crypto regulations while others are awaiting developments in U.S. legislation.
HONG KONG — Cryptocurrency is carving out a new role as the preferred payment method for machines, with bitcoin not at its lowest point, U.S. regulatory shifts, and the significance of prediction markets were among the themes explored at CoinDesk’s Consensus Hong Kong conference this week.
“As AI agents gain the ability to make and execute decisions autonomously, we may begin to witness the initial stages of what some refer to as the machine economy, wherein AI agents can hold and transfer digital assets, purchase services, and conduct transactions with one another on-chain,” remarked Hong Kong Financial Secretary Paul Chan Mo-po.
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These tools could be utilized to automate the booking of accommodations and flights or facilitate other purchases, according to Binance CEO Richard Teng during a fireside chat on Thursday.
“When considering agentic AI, the processes around booking hotels, flights, or any other purchases will likely be conducted using cryptocurrencies and stablecoins,” he noted. “Thus, crypto is essentially the currency for AI in this context, and that is how it is expected to evolve.”
Others in attendance discussed the volatility within the market. Bitcoin has already dropped nearly $30,000 in the past month, and some industry observers are concerned it may continue to decrease before reaching a bottom. Market participants are considering $50,000 as a key threshold to monitor, as indicated by several sources to CoinDesk.
Similarly, the mood surrounding betting markets is beginning to shift negatively. Traders expressed worries that these platforms might drain liquidity from “productive sectors,” potentially leading to a “negative wealth effect.”
On the regulatory side, while Hong Kong’s policymakers’ announcements took precedence, industry stakeholders conveyed to CoinDesk that they were closely following U.S. legislators and the discussions regarding crypto market structure legislation.
One individual mentioned that the U.S. market is sufficiently large to exert significant influence on other jurisdictions, leading some regulators to await clarity on U.S. outcomes before implementing crypto policymaking.
In contrast, Hong Kong does not seem to be one of these regions. The Securities and Futures Commission is actively pursuing several proposals to further incorporate crypto companies into the regulatory framework.
