Jason Calacanis told crypto founders to pivot to artificial intelligence in 2023. Now he wants bitcoin holders to move their money there too.
The technology investor and podcast host urged followers to sell bitcoin on Tuesday, predicting it would revisit $57,000 within the next 12 months and never reach another record high. That’s about 28% below where bitcoin traded on Tuesday, near $79,600, according to CoinDesk data.
“Why put your resources into a dead network that offers nothing beyond a store of value?” he wrote on X.
A brutal year for Bitcoin is just getting started.
Give me three minutes to explain why you should dump it now.
Outflows from ETFs are signal and will continue.
We will test the 57k low again in the next 12 months.
Why?
Because there are far too many dynamic places to… pic.twitter.com/fK8zRNvPU0
He said bitcoin had “lost the crowd” that once made owning it feel compulsory. Investors could now ignore it without being mocked, while AI offered more useful places to put their money.
He pointed to withdrawals from bitcoin exchange-traded funds as a warning that more selling would follow. Those funds lost about $774 million across Thursday and Friday, according to Farside Investors, although Monday brought $110 million back in.
Calacanis is questioning where bitcoin’s next buyer comes from. The pressure to own it has faded, ETF investors are pulling money out, and AI is soaking up the excitement. That runs counter to the trade bitcoin has leaned on for years: a fixed supply meeting a steadily growing crowd of buyers.
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