Jason Calacanis, the technology investor who encouraged crypto entrepreneurs to pivot toward artificial intelligence in 2023, is now urging Bitcoin investors to make a similar shift. He predicts BTC could fall to $57,000 over the next year and argues that the cryptocurrency may never set another record high.
The podcast host issued the warning on Tuesday, when Bitcoin was trading near $79,600, according to CoinDesk data. His forecast implies a potential decline of approximately 28% from that level.
“Why put your resources into a dead network that offers nothing beyond a store of value?” Calacanis wrote on X.
He described the outlook for Bitcoin as increasingly bearish, suggesting that investors should consider reallocating their capital rather than waiting for another rally. Calacanis also argued that the enthusiasm that once surrounded Bitcoin ownership has weakened, leaving investors with more freedom to explore other opportunities.
“Just sell and shift from Bitcoin to Super Intelligence,” he wrote.
Bitcoin ETF Outflows Add to Calacanis’ Concerns
Calacanis pointed to withdrawals from spot Bitcoin exchange-traded funds as evidence that selling pressure could continue. Data from Farside Investors showed that the funds recorded approximately $774 million in outflows across Thursday and Friday.
Although spot Bitcoin ETFs attracted around $110 million on Monday, Calacanis believes the broader trend could signal further weakness.
His central concern is whether Bitcoin can attract enough new buyers to sustain its valuation. In his view, declining enthusiasm, ETF withdrawals, and growing interest in AI are challenging the investment narrative that has supported Bitcoin for years.
Bitcoin’s traditional appeal rests partly on its limited supply and the expectation that demand will continue to grow. Calacanis argues that investors are increasingly finding more compelling opportunities elsewhere, particularly in artificial intelligence.
Why Calacanis Still Holds TAO
Despite his bearish position on Bitcoin, Calacanis continues to hold cryptocurrency assets tied to AI development. One of his disclosed investments is TAO, the native token of Bittensor, a decentralized network that rewards participants for contributing services such as computing power, AI-generated responses, and data storage.
Bittensor organizes participants into competing groups that aim to produce useful outputs. Its token-based incentive system is designed to encourage the development and delivery of AI-related services.
Calacanis outlined his interest in the project in an April LinkedIn post, contrasting the often unclear practical uses of cryptocurrency with the immediate applications offered by AI. He sees Bittensor as an example of a blockchain-based project that uses financial incentives to support useful technology.
“I am long $TAO and love bittensor’s focus on scaling AI,” he wrote in a follow-up post.
His position suggests that he is not rejecting the entire crypto sector. Instead, he favors projects that connect digital assets to practical applications, particularly those benefiting from the expansion of AI infrastructure.
While Calacanis expects Bitcoin to face further losses, his investment in TAO reflects his belief that AI-focused crypto networks could offer more attractive opportunities than a cryptocurrency primarily valued as a store of wealth.
