Technology investor Jason Calacanis is doubling down on his preference for artificial intelligence over Bitcoin, urging BTC holders to sell their positions and redirect capital toward AI-related opportunities. The investor, who encouraged crypto founders to pivot toward AI in 2023, now forecasts that Bitcoin could fall to $57,000 within the next year.
Calacanis shared his bearish outlook on Tuesday, arguing that Bitcoin may never reach another all-time high. With BTC trading near $79,600 at the time, his prediction suggested a potential decline of approximately 28%, based on CoinDesk data.
“Why put your resources into a dead network that offers nothing beyond a store of value?” he wrote on X.
He argued that Bitcoin has lost the widespread enthusiasm that once made holding the asset seem almost unavoidable. According to Calacanis, investors now have greater freedom to look elsewhere, while artificial intelligence presents opportunities with more practical applications and growth potential.
“Just sell and shift from Bitcoin to Super Intelligence,” he added.
Bitcoin ETF Withdrawals Fuel Bearish Forecast
Calacanis cited outflows from spot Bitcoin exchange-traded funds as another reason to expect continued price pressure. Farside Investors data showed that the funds recorded roughly $774 million in withdrawals over Thursday and Friday.
Spot Bitcoin ETFs then attracted approximately $110 million on Monday, offering some relief after the previous losses. However, Calacanis believes the broader trend points toward further selling.
His argument centers on whether Bitcoin can generate enough fresh demand to sustain its price. He believes weakening investor enthusiasm, fund outflows, and the growing appeal of AI could undermine the demand-driven narrative that has supported Bitcoin.
Bitcoin advocates have long emphasized its fixed supply as a core investment advantage. Calacanis, however, argues that investors are increasingly finding more compelling places to deploy their money, particularly in artificial intelligence.
TAO Remains Part of Calacanis’ Crypto Portfolio
Calacanis’ criticism of Bitcoin does not mean he has abandoned digital assets altogether. He has disclosed a position in TAO, the native cryptocurrency of Bittensor, a decentralized network designed to reward contributors for providing AI-related services.
Bittensor participants can earn incentives for supplying computing resources, generating AI responses, and offering data storage. Its network uses token rewards to encourage competing groups to develop and deliver useful services.
In an April LinkedIn post, Calacanis argued that many cryptocurrency projects struggle to demonstrate practical value to everyday users, whereas AI applications can provide more immediate benefits. He sees Bittensor as an example of how crypto-based incentives can support the development of useful AI infrastructure.
“I am long $TAO and love bittensor’s focus on scaling AI,” he wrote in a follow-up post.
His investment stance reflects a preference for digital assets linked to tangible technological applications rather than Bitcoin’s primary role as a store of value. While he expects BTC to face further downside, he believes AI-focused networks such as Bittensor could benefit from growing demand for artificial intelligence.
