Technology investor Jason Calacanis urged investors to sell bitcoin and move into artificial intelligence. He predicts the cryptocurrency will fall to $57,000 within a year and never set another record high, citing waning enthusiasm and ETF outflows.
Jason Calacanis urged followers to sell bitcoin on Tuesday, predicting it would revisit $57,000 within the next 12 months and never reach another record high. The technology investor and podcast host told crypto founders to pivot to artificial intelligence in 2023.
His target sits about 28% below where bitcoin traded on Tuesday, near $79,600, according to CoinDesk data.
Calacanis points to ETF outflows and fading enthusiasm
Calacanis said bitcoin had lost the crowd that once made owning it feel compulsory. Investors can now ignore it without being mocked, he argued, while AI offers more useful places for their money. According to his post on X: "Just sell and shift from Bitcoin to Super Intelligence,"
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.
Why he still holds TAO
Tokens keep a place in his own portfolio, as long as they pay people to build AI. Calacanis disclosed a stake in TAO, the token behind Bittensor, a network that pays participants for providing services such as computing, AI responses and storage.
The attraction was laid out in a LinkedIn post in April. Crypto still left ordinary people wondering what they could do with it, while AI gave them something useful immediately, and Bittensor's token rewards encourage people to build those services.
In a follow-up, Calacanis wrote that he is long TAO and loves Bittensor's focus on scaling AI.
Source: CoinDesk
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