Technology investor Jason Calacanis has urged investors to sell bitcoin and shift their focus to artificial intelligence, predicting bitcoin will fall to $57,000 within the next 12 months and never reach another record high.
Calacanis cited recent outflows from bitcoin exchange-traded funds as evidence that demand could continue to weaken. Bitcoin exchange-traded funds experienced withdrawals of approximately $774 million across Thursday and Friday, according to Farside Investors, though $110 million flowed back in on Monday.
At the time of Calacanis's statement on Tuesday, bitcoin traded near $79,600, making his $57,000 prediction roughly 28% below that level.
Calacanis argued that bitcoin has lost its social momentum among investors. He stated that bitcoin is "a dead network that offers nothing beyond a store of value" and that investors could now ignore it without facing mockery, whereas AI presents more compelling opportunities.
He characterized the pressure to own bitcoin as having faded while artificial intelligence continues to attract investor interest and capital.
Despite his bearish stance on bitcoin, Calacanis maintains a position in TAO, the token behind Bittensor, a network that rewards participants for providing computing, storage, and other services used to build artificial intelligence. He has stated he is "long $TAO and love bittensor's focus on scaling AI."
