Crypto doesn’t belong in AI portfolios—it’s ‘a different animal,’ says former Snap executive and tech investor.

Former Snap strategy chief and former Credit Suisse banker Imran Khan says cryptocurrency plays little role in his artificial intelligence investment thesis, arguing the digital asset sector operates under a very different set of economic drivers than the AI boom.

Khan, a technology investor, said he does not view crypto as a core component of an AI-focused portfolio, despite growing speculation that the two sectors will eventually converge. In his view, the investment logic behind AI centers on productivity gains and long-term economic expansion, while crypto follows a different narrative.

“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 distinction, digital assets rarely fit the framework used by his firm, which focuses on companies benefiting from structural technology 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 starting Proem, he served as chief strategy officer at Snap Inc., where he helped guide the company through its public listing. Earlier in his career, he led global internet investment banking at Credit Suisse, advising on major transactions including Alibaba Group’s record-setting IPO.

Although crypto is not central to Proem’s AI strategy, Khan stressed that he is not opposed to the sector. The firm has taken positions in several crypto-related companies and products as part of its broader technology exposure.

According to its most recent 13F filing, Proem held stakes in Coinbase, Robinhood Markets, bitcoin mining company Iren Limited, and spot bitcoin through the iShares Bitcoin Trust. Khan said these investments fall under the firm’s wider tech focus rather than its AI-specific thesis.

Despite Khan’s view that the two industries operate independently, other investors argue that artificial intelligence and blockchain technology could eventually intersect. Proponents say both ecosystems rely heavily on distributed computing networks and data infrastructure.

Supporters of the convergence thesis argue that blockchain systems could provide payment rails and coordination mechanisms for AI services operating across the internet without centralized ownership. A recent report from Citrini Research, which raised concerns about a potential AI bubble and briefly rattled markets, suggested autonomous AI agents could eventually bypass traditional payment networks by using stablecoins instead of credit cards.

Some analysts also believe blockchain technology could help track how AI models use data, verify outputs, or manage digital identities for autonomous software agents.

While the overlap between the two sectors remains largely theoretical, the idea has sparked a wave of startups attempting to combine AI development with crypto-based infrastructure. At the same time, several bitcoin mining companies have begun shifting toward AI computing by repurposing their power capacity and data centers.

Even bitcoin itself could benefit indirectly from AI’s growth, according to analysts at NYDIG, a financial services and infrastructure firm. The firm has argued that if AI adoption leads to job displacement and weaker consumer demand, policymakers could respond with lower interest rates and increased liquidity—conditions that have historically supported bitcoin prices.

Khan’s comments come as enthusiasm around AI investing, which surged following the launch of ChatGPT, has started to show signs of cooling.

Shares of Nvidia, the leading supplier of chips used to train AI models, and Broadcom, a major networking and custom AI chip maker, have both fallen about 5% so far this year. The declines reflect growing investor scrutiny over the pace of returns from massive spending on AI infrastructure.

The Citrini report that stirred concerns about the sector also outlined a hypothetical 2028 scenario in which rapid AI adoption results in significant white-collar job losses and a sharp drop in consumer spending.

Khan acknowledged the concerns but said fears about technological disruption have accompanied nearly every major innovation.

“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 big as the Industrial Revolution, and people are making the same arguments.”

Historically, he added, new technologies have transformed labor markets rather than eliminating work altogether.

“When there is new technology,” Khan said, “you create new kinds of jobs.”