Former Imran Khan, a former strategy chief at Snap Inc. and onetime banker at Credit Suisse, says cryptocurrency plays little role in his artificial intelligence investment thesis, arguing that the digital asset market is driven by a very different set of forces than the AI-led productivity boom.

Khan said that although some investors expect artificial intelligence and crypto to eventually intersect, he largely views them as separate investment themes.

“Crypto is a different animal,” Khan said in an interview. “When you invest in AI, you’re investing in productivity and economic growth.” Because of that difference, digital assets rarely fit within the framework his firm uses, which focuses on businesses positioned to benefit from long-term technological shifts.

Khan is the founder and chair of the investment committee at Proem Asset Management, a technology-focused investment firm managing about $450 million in assets. Before launching the firm, he served as chief strategy officer at Snap Inc., helping guide the company through its public listing. Earlier in his career, he led global internet investment banking at Credit Suisse, where he worked on several major deals, including the record-breaking IPO of Alibaba Group.

Although crypto is not a core component of his AI strategy, Khan said he is not opposed to the asset class. His firm has previously invested in a number of crypto-related companies and products as part of its broader technology exposure.

According to Proem’s most recent regulatory filing, the firm reported holdings in Coinbase, Robinhood Markets, bitcoin mining company Iren Limited, and spot bitcoin through the iShares Bitcoin Trust. Khan noted that these positions are tied to the firm’s broader technology investments rather than its AI-focused thesis.

While Khan believes AI and crypto operate on distinct narratives, some investors argue the two sectors could eventually intersect. Supporters of that view point out that both rely heavily on decentralized computing networks and digital infrastructure.

Advocates say blockchain systems could provide payment rails and coordination tools for AI services operating across the internet without centralized ownership. A recent report from Citrini Research, which briefly unsettled markets with warnings of a potential AI bubble, suggested autonomous AI agents could bypass traditional credit card networks by using stablecoins for transactions.

Others believe blockchain technology could help track how AI models use data, verify AI-generated outputs, or manage digital identities for autonomous software agents.

Although the overlap between the two sectors remains largely experimental, the concept has fueled a growing number of startups attempting to combine artificial intelligence development with blockchain networks. At the same time, several bitcoin mining companies have begun pivoting toward AI infrastructure by repurposing their data centers and energy capacity to support artificial intelligence computing.

Even bitcoin could indirectly benefit from AI’s growth, according to analysts at NYDIG, a financial services and infrastructure firm. The firm suggested that if AI adoption leads to job displacement and weaker consumer demand, policymakers may respond with interest rate cuts to stabilize the economy—potentially adding liquidity that could support bitcoin’s price.

Khan’s comments come as the surge in AI-related investments following the release of ChatGPT is beginning to face increased scrutiny from investors.

Shares of Nvidia, the dominant supplier of chips used to train AI models, and Broadcom, a major networking and custom AI chip manufacturer, have both slipped about 5% so far this year, reflecting growing questions about how quickly companies will see returns from heavy spending on AI infrastructure.

The Citrini Research report that rattled markets also outlined a hypothetical 2028 scenario in which rapid AI adoption could lead to widespread white-collar job losses and a sharp decline in consumer spending.

Khan acknowledged such concerns but noted that fears about technology displacing workers have appeared throughout history.

“If you read Karl Marx, he said the same thing about machines 200 years ago,” Khan said. “Now we’re going through an AI revolution that could be as transformative as the Industrial Revolution, and people are making the same arguments.”

Historically, he added, new technologies have tended to reshape labor markets rather than eliminate jobs entirely.

“When new technology arrives,” Khan said, “it creates new kinds of jobs.”