AI agents are not yet mature, and the cryptocurrency industry has already reached a climax The most interesting thing about this market is not how strong AI is. It's not that Crypto is very useful. But the cryptocurrency industry has finally found a new story for itself: It's not that humans need encryption. The machine needs encryption. Why is this phrase suddenly so popular? Because it is smoother than many narratives in the past. Over the past 15 years, Crypto has been forcing humans to adapt to machines. Remember mnemonic words. Manage gas. Fill in the address. If you make a mistake, it's gone. The experience was terrible. Now the industry is finally saying the opposite: It's okay, it's not meant for people to use in the first place. This is for AI use. This statement actually makes some sense. 1. AI agents are indeed more suitable for encrypted payments than humans. Humans find it troublesome. Robots don't mind. It won't complain about the wallet being difficult to use. I won't find cross chain complexity. I won't ask you the difference between Base, Polygon, and Optimism. It only cares about one thing: Can payment be made 24 hours a day, globally, automatically, and on a per use basis. And this happens to be one of the few things that Crypto has actually made. Traditional payments are very strong. But that system was originally designed for people and companies. Bank account, credit card, clearing KYC、 Working days and regional restrictions are all rules of human society. AI is different. It doesn't want to open an account. I can't open an account either. It just wants to call the service, pay immediately, and continue working immediately. So the phrase 'AI cannot open a bank account, but can directly use a wallet' suddenly became less like a slogan. 2. Now everyone is excited, not because the scale has increased, but because the direction is looking smooth for the first time. Don't get excited yet. This thing is still far from a major outbreak. Nowadays, many AI agents are actually doing very small things on the chain. Buy data. Rental computing power. Adjust API. Pay a few cents, even a few cents. The quantity is not large. The money is even smaller. But why is the industry so dominant? Because many encrypted narratives in the past were very convoluted. I talked for a long time, but in the end, it was still cryptocurrency speculation. This time is different. At least the logic is logical: AI needs to automate payments. Traditional payments are not suitable for machines. Crypto happens to have wallets, stablecoins, global transfers, and 24/7 settlements. So when the machine runs to Crypto, it doesn't sound so awkward anymore. 3. The most noteworthy thing in this wave may not necessarily be AI coins, but rather the most boring batch of things. for example Stablecoins. Wallet. Payment standards. Account system. Multi chain fund management. Because machines really need to start spending money themselves, the first thing they need is not concept coins. But rather a set of financial infrastructure that can run. Especially for small payments. This is the key point. A call of a few cents, a few cents, If there is a fixed handling fee for each transaction, it is impossible to play. So Circle is focusing on nano payments. Coinbase's development of x402 is essentially aimed at turning the wallet into a universal payment voucher, or even a universal API key. If you really want to run, what Crypto will eat first may not necessarily be an AI revolution. But rather something more realistic: Small payments between machines. 4. But don't get excited and think that Visa, banks, and securities firms are all going to die. Every time there is a new narrative in the cryptocurrency industry, they tend to condemn the old system to death first. This time it's the same. But the reality is that the real strength of the old system is never just the payment channel. But rather the rules, risk control, dispute resolution, responsibility allocation, access mechanisms, and trust that have been accumulated over decades. You can find it slow. I find it expensive. Disgusting it for being old. But it can run until today, it's not for nothing. So a more realistic outcome is not for Crypto to replace them all. But the two sides slowly merge. The up chain that should be put on the chain. The small-scale scenario of running stablecoins, let stablecoins run. Should we let the traditional system cover the large and complex scenarios, or should we focus on the traditional system. 5. What is truly worth watching is not whether AI will save Crypto, but whether machines will truly become new users of the on chain economy. This is the key. You're not using AI to connect to Crypto. But rather, AI itself is starting to become a native user of Crypto. It collects payments on its own. Pay by yourself. Call the service yourself. Manage the budget on your own. Schedule between different protocols on your own. Once this matter is gradually established, many things will change. A wallet is no longer just a person's wallet. Payment is no longer just a human payment. Asset management is no longer just about managing human assets. At that point, Crypto is no longer just telling the story of 'human finance'. But rather the financial layer of the machine economy. 6. So my judgment is simple: this is worth watching, but it's still too early to promote it as a revolution. There is indeed a natural fit between AI and Crypto. I acknowledge this. The machine requires a global, automated, 24/7, permissionless payment track. Crypto is indeed more convenient in this regard. But the current issue is also clear: The scale is still small. The demand is still early. Many applications are still being tested. Many transactions have pitifully small amounts. Many so-called intelligent agent businesses are essentially just developers and early players enjoying themselves. So now the most important thing to focus on is not slogans. But a few real things: Has stablecoin payment continued to grow. Will the wallet become a machine account. Will small settlements between agents start running. Which service providers are really starting to accept this payment method. If these things slowly get up, That AI may indeed take Crypto a big step forward from being an 'investment airport'. If you can't get up, Then this will become the next round of self emotion in the cryptocurrency industry.