Investor who called for AI pivot in 2023 says bitcoin is going to $57,000
Jason Calacanis wants investors to sell bitcoin and back artificial intelligence. He is also holding TAO, the cryptocurrency behind AI network Bittensor.
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Summary
- Technology investor Jason Calacanis urged investors to sell bitcoin and move into artificial intelligence, predicting the cryptocurrency will fall to $57,000 within a year and never set another record high.
- Calacanis cited waning investor enthusiasm and recent outflows from bitcoin exchange-traded funds as signs that demand could continue to weaken.
- He remains invested in TAO, the token behind Bittensor, because the network rewards participants for providing computing, storage and other services used to build artificial intelligence.
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.
“Just sell and shift from Bitcoin to Super Intelligence,” he wrote.
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.
