Jason Calacanis told his followers to sell Bitcoin on Tuesday, predicting the cryptocurrency would revisit $57,000 within the next 12 months. "Why put your resources into a dead network that offers nothing beyond a store of value?" he wrote on X.
Calacanis is a well-known technology investor and podcast host with a broad following among tech enthusiasts and market participants.
His $57,000 price target stands about 28 percent below where Bitcoin traded on Tuesday, near $79,600. Bitcoin ETFs recorded about $774 million in outflows on Thursday and Friday, though Monday saw $110 million flow back into the funds, according to Farside Investors.
Calacanis argued that Bitcoin has "lost the crowd" that once made its ownership feel necessary. He believes investors can now disregard Bitcoin without criticism, while artificial intelligence presents more valuable opportunities.
He advised investors to "Just sell and shift from Bitcoin to Super Intelligence," saying AI offers immediate utility compared with crypto, which he said leaves ordinary people questioning its practical applications.
In his own portfolio, Calacanis holds TAO, the native token of Bittensor, a network designed to reward participants for contributing computing power, AI responses and data storage. He disclosed the stake and highlighted in an April LinkedIn post that Bittensor's token rewards directly encourage individuals to build and provide these AI services, aligning with his focus on practical applications.
Calacanis is questioning where Bitcoin's next wave of buyers will come from. He suggests the pressure to own Bitcoin has diminished while AI is capturing market excitement.
