'We have lost control': Crypto pioneer warns AI could trigger systemic banking and infrastructure shocks
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Marc van der Chijs, co-founder of bitcoin miner Hut 8, warns that accelerated artificial intelligence development driven by competition among companies and nations has moved beyond human control. He predicts AI and robotics could eventually perform 90% to 95% of current jobs, drastically reducing costs and forcing governments to explore new revenue sources, such as taxing robots or AI usage. While he has shifted much of his investment from bitcoin to AI, he still regards bitcoin as the best long-term asset to hold.
Why it matters
Van der Chijs highlights the risk that AI could trigger systemic shocks to financial systems and critical infrastructure by exposing vulnerabilities, especially in legacy banking software and crypto exchanges. His concerns echo those of other industry leaders who warn that the rapid pace of AI development poses dangers that international cooperation has yet to adequately address. The source indicates these developments could disrupt traditional institutions and economic structures but does not provide specific market or policy outcomes.
Key context
The warning from van der Chijs reflects a shift by an early bitcoin pioneer who now invests heavily in AI infrastructure, seeing it as more promising than bitcoin mining. His stance parallels Anthropic CEO Dario Amodei’s call to slow AI development to avoid uncontrollable risks. This competitive race among countries and companies inhibits restraint, potentially leading to catastrophic failures before regulatory guardrails are in place.
Key numbers and entities
The main entities include Hut 8 (HUT), bitcoin, Anthropic, Tesla (TSLA), and SpaceX (SPCX). Van der Chijs predicts AI and robotics will handle 90% to 95% of jobs in the future. He believes the bitcoin price has been kept below $200,000 to $250,000 due to capital flowing toward AI investments.
What remains unclear
The source does not clarify how governments might implement taxes on AI or robots, or how enforcement would address locally run AI models. It also does not detail specific vulnerabilities in banking or crypto systems or the timing and scale of any potential systemic shocks linked to AI development.