Hong Kong Bitcoin event highlights crypto's struggle against AI

Brandon Green, CEO of the conference organizer BTC, acknowledged the psychological toll of the current bear market, stating that not only prices but also the 'bitcoiners' ego' had taken a hit. He observed that capital, talent, and public attention have shifted from crypto to AI, making the digital asset industry feel 'smaller.' This migration of resources to the generative AI boom has absorbed speculative energy and venture funding that previously flowed into crypto and Web3.

The atmosphere at Bitcoin Asia 2026 stood in stark contrast to the exuberance of the 2021 bull cycle. Industry participants, including mining hardware maker Canaan and American Bitcoin, were present. The event also attracted political attention, with Hong Kong legislator Johnny Ng Kit-chong in attendance and discussions referencing policy signals from the U.S. administration. The Securities and Futures Commission of Hong Kong served as a key regulatory reference for attendees assessing the city's crypto ambitions.

The tension between CZ's optimistic predictions and the conference's more somber tone highlights a critical juncture for the crypto industry. It faces the challenge of articulating a compelling value proposition at a time when AI dominates the technology investment narrative. The coming period will be defined by whether Bitcoin can regain mainstream momentum and if jurisdictions like Hong Kong and the UAE can translate progressive regulations into tangible industry growth.