Hut 8 Co-Founder Warns AI Development Risks Systemic Financial Shocks

Marc van der Chijs, the entrepreneur who co-founded bitcoin miner Hut 8, is expressing growing concern that the rapid pace of artificial intelligence development has moved beyond human control. He warns that this acceleration could lead to systemic shocks affecting critical infrastructure and financial systems.

Van der Chijs noted that an intense competitive race between companies and nation-states is driving this progress, making it difficult for individual actors to exercise restraint. He suggested that a major disruption might be required before governments coordinate to establish international guardrails.

The former bitcoin miner highlighted potential risks to legacy banking software, noting that AI could expose vulnerabilities in interconnected systems. Within the crypto industry, he views businesses and exchanges built around bitcoin as more susceptible to these risks than the underlying network itself.

Despite these concerns, van der Chijs maintains a long-term view on the economic potential of AI and robotics. He predicts these technologies could eventually perform 90% to 95% of existing jobs, which he believes will force governments to implement new revenue measures, such as taxes on robots or AI usage.

Van der Chijs has shifted a significant portion of his portfolio from bitcoin into AI-related investments. He noted that this capital reallocation may have contributed to bitcoin remaining below the $200,000 to $250,000 range he previously anticipated. He is now moving some of his AI profits back into crypto through exchange-traded funds.

Regarding his former company, van der Chijs described Hut 8’s pivot to AI as a strong strategic move. He stated that if he were currently running the firm, he would prioritize allocating resources entirely toward AI data centers over bitcoin mining.

While he expects leading AI developers to become some of the world's largest companies, he remains selective about current valuations. He suggested that over the next five years, Tesla and SpaceX could potentially outperform Anthropic. Regardless of his AI focus, he maintains that bitcoin remains the single best asset to hold for life.