Jason Calacanis, the technology investor and podcast host who urged crypto founders to shift toward artificial intelligence in 2023, is now encouraging Bitcoin holders to follow the same direction.
On Tuesday, Calacanis called on investors to sell their Bitcoin holdings, predicting that the cryptocurrency could revisit $57,000 within the next 12 months. He also argued that Bitcoin would never reach another all-time high. His target represents a decline of roughly 28% from the approximately $79,600 price Bitcoin was trading at on Tuesday, according to CoinDesk data.
“Why put your resources into a dead network that offers nothing beyond a store of value?” Calacanis wrote on X.
In another post, he described the coming year as the beginning of a difficult period for Bitcoin and urged investors to consider moving their capital elsewhere. He also pointed to outflows from Bitcoin exchange-traded funds as a sign that selling pressure could persist.
Calacanis believes Bitcoin has lost much of the enthusiasm that previously made holding the asset seem essential. Investors can now choose to avoid the cryptocurrency without facing the same social pressure, while artificial intelligence offers opportunities with more immediate practical applications.
“Just sell and shift from Bitcoin to Super Intelligence,” he wrote.
He cited recent ETF withdrawals as evidence supporting his bearish outlook. According to Farside Investors, spot Bitcoin ETFs recorded approximately $774 million in combined outflows on Thursday and Friday. The funds subsequently attracted around $110 million on Monday, partially offsetting those losses.
At the heart of Calacanis’ argument is a question about where Bitcoin’s next wave of buyers will come from. He believes declining investor enthusiasm, ETF outflows, and the growing appeal of AI could weaken demand for the cryptocurrency. That view challenges Bitcoin’s traditional investment thesis, which relies on limited supply and the expectation of expanding demand.
Calacanis Still Backs Crypto Tokens Linked to AI
Despite his criticism of Bitcoin, Calacanis has not abandoned cryptocurrency altogether. He remains interested in digital assets that reward participants for developing useful artificial intelligence infrastructure.
One example is TAO, the native token of Bittensor, a decentralized network that incentivizes participants to provide services such as computing resources, AI-generated responses, and data storage. Different groups compete to deliver useful results, with token-based rewards encouraging contributions.
Calacanis explained his interest in Bittensor in an April LinkedIn post, arguing that cryptocurrency projects often leave ordinary users uncertain about their practical applications. AI, by contrast, can offer more immediate utility, while Bittensor uses crypto incentives to encourage the development of AI services.
He subsequently confirmed his position in the token, writing: “I am long $TAO and love bittensor’s focus on scaling AI.”
His stance highlights the distinction he draws between Bitcoin as a store-of-value asset and crypto networks that use token incentives to support AI development. While he expects Bitcoin to face further downside, he sees projects such as Bittensor as opportunities to benefit from the expansion of artificial intelligence.
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