Hut 8 Co-Founder Warns Rapid AI Development May Be Outpacing Governance

Marc van der Chijs, co-founder of Hut 8, a company that transitioned from Bitcoin mining to AI infrastructure, is raising concerns about the rapid development of artificial intelligence. Van der Chijs compares AI's current trajectory with the early days of Bitcoin when he entered the market in 2013 but warns that technological progress may be moving faster than governments and companies can safely manage.

'We have lost control,' Van der Chijs said, arguing that development should slow until stronger safeguards are established. He believes intense competition between technology companies and governments makes voluntary restraint difficult, potentially allowing AI capabilities to advance before effective international rules are introduced.

Van der Chijs expects AI and robotics to reshape the global economy dramatically, with the technologies eventually performing 90% to 95% of existing jobs while sharply reducing the cost of goods and services. He estimates that governments may need alternative revenue sources, potentially including taxes tied to robots or AI usage.

Van der Chijs has already shifted his investments toward the sector, selling a significant portion of his Bitcoin holdings to invest in AI. He now plans to move part of his AI profits back into crypto through exchange-traded funds, and despite his concerns about AI's rapid development, Bitcoin remains his preferred long-term asset.