Tech investor Imran Khan said cryptocurrencies do not play a significant role in AI investment strategies, arguing that the asset class operates on a fundamentally different theory than the AI-driven productivity boom.
Despite widespread talk of AI and cryptocurrencies converging, Khan said he primarily views them as separate investment themes.
“Cryptocurrency is a different animal,” he said in an interview. “When it comes to AI, you’re investing for productivity and economic growth.” This difference means cryptocurrencies hardly fit into the framework used by his company, which focuses on businesses that benefit from structural technology change.
Mr. Khan is the Founder and Chairman of the Investment Committee of Proem Asset Management, a technology-focused investment firm that manages $450 million in assets. Prior to starting Proem, he was chief strategy officer at Snap (formerly Snapchat), where he led the company to go public, and previously worked in global internet investment banking at Credit Suisse, where he worked on major transactions including Alibaba’s record-breaking IPO.
However, he is not anti-cryptocurrency.
According to the latest 13F filing, Proem held positions in spot Bitcoin through Coinbase (COIN), Robinhood (HOOD), as well as Bitcoin miners IREN (IREN) and iShares Bitcoin Trust (IBIT), although direct exposure to tokens does not typically fit into the company’s fundamental private equity-focused investment thesis. Khan said these positions are not part of the company’s AI strategy, but rather a broader focus on technology.
The intersection of cryptography and AI
While Khan argues that the two industries are completely different, some investors argue that the convergence of AI and cryptocurrencies makes sense because both rely on decentralized computing networks and data infrastructure.
The argument is that blockchain can provide payment rails and coordination systems for AI services that operate on the internet without a central owner. In fact, the Citrini Research report that revealed fears of an AI bubble and caused a brief market meltdown last month said autonomous AI agents would disrupt traditional payment systems, bypassing credit card networks in favor of stablecoins.
Some say blockchain-based systems could also help track how AI models use data, verify output, and manage the digital identities of autonomous software agents.
While the idea of merging the two industries is still largely experimental, it’s fueling a wave of startups looking to marry AI development and crypto-based networks. Meanwhile, many Bitcoin miners are already pivoting to the AI boom by repurposing data centers and power infrastructure to support artificial intelligence computing.
Financial services and infrastructure company NYDIG said even Bitcoin could benefit from the growth of AI. Analysts at the company argued that if AI reduces jobs and wages and weakens consumer demand, policymakers could be forced to cut interest rates to stabilize the economy, adding a wave of liquidity that could support Bitcoin prices.
Fear of AI bubble
Khan’s comments come as the AI investment boom that exploded after the launch of ChatGPT is starting to show signs of strain.
Nvidia (NVDA), a major supplier of chips used to train AI models, and Broadcom (AVGO), a maker of networking and custom AI chips, are both down about 5% since the beginning of the year, reflecting growing doubts about the pace of returns from massive AI spending.
Meanwhile, the Citrini report that sparked the AI scare outlined a hypothetical scenario for 2028 in which rapid adoption of AI would lead to widespread white-collar unemployment and a sharp decline in consumer spending.
While this is an alarming scenario, Kerniss is keeping an eye on the big picture, saying that almost every technological innovation comes with similar fears.
“If you read Karl Marx, he said the same thing about machines 200 years ago,” Kahn says. “Right now we’re having an AI revolution as big as the industrial revolution, and people are making the same claims.”
He added that historically new technologies have reshaped labor markets rather than eliminating jobs altogether.
“With new technology comes new kinds of jobs,” Kahn said.
