Jason Calacanis, a prominent angel investor and co-host of the All-In podcast, posted criticism of bitcoin on social media, describing it as a bouncing "dead cat" and questioning its long-term prospects. The post came as bitcoin's price cleared $81,000.
Calacanis' commentary focused on bitcoin's perceived lack of utility rather than price movements. He characterized bitcoin as "a boring store of value" and argued that institutions have transformed it from a countercultural asset into a mainstream financial instrument. "If Bitcoin were going to reach mass adoption and an important use case, it does better than anyone else, it would have by now," Calacanis wrote, comparing bitcoin to obsolete formats like CDs and DVDs.
The criticism prompted immediate responses from major bitcoin advocates. Michael Saylor, head of business intelligence firm MicroStrategy, which holds 845,050 bitcoin, replied that bitcoin has grown into "a $1.6 trillion success and the world's most valuable digital asset." Saylor argued that wealth preservation across generations represents a more significant achievement than entertainment value.
Cathie Wood, CEO of Ark Invest, also weighed in, stating "Bitcoin is not a dead cat, Jason! It has many lives ahead." Investor Fred Krueger added that bitcoin "has turned the corner," arguing the current bull market began in December 2022.
Regarding bitcoin's recent performance, U.S. spot bitcoin exchange-traded funds attracted $433 million in inflows on the same day as Calacanis' post, with Fidelity's FBTC receiving $311 million and BlackRock's IBIT $108 million. Bitcoin's price currently sits approximately 36% below its October 2025 peak of $126,080.
The debate reflects ongoing disagreement over bitcoin's role in the financial system, with adoption and real-world utility remaining points of contention among investors and analysts.
