Technology investor Jason Calacanis, known for early stakes in companies such as Uber and as co-host of the All-In podcast, issued a sharp warning on the social platform X this week. He advised Bitcoin holders to sell their positions and redirect capital toward artificial intelligence projects, arguing that the cryptocurrency faces a difficult period ahead.

In his post, Calacanis stated that a brutal year for Bitcoin is just getting started. He linked his outlook to ongoing outflows from U.S. spot Bitcoin exchange-traded funds and a broader loss of investor enthusiasm that once surrounded the asset.

Price Forecast and Market Backdrop

Calacanis projected that Bitcoin would retest the $57,000 level within the next 12 months. At the time of his comments, the cryptocurrency traded near $79,600 to $80,000, placing the target roughly 28 percent lower. He further declared that Bitcoin would never break its previous all-time high again.

Bitcoin currently sits approximately 37 percent below its peak near $126,000 to $126,080, reached in early October 2025. Its lowest level over the past year stood around $58,566.

Recent U.S. spot Bitcoin ETF data showed mixed flows. Funds recorded outflows totaling roughly $774 million across two sessions in late October, including a single-day outflow near $635.5 million. Those withdrawals followed strong inflows earlier in the period and were partially offset by about $110 million in net inflows on a subsequent trading day. Broader October figures through late in the month indicated net outflows in the range of $200 million according to available tracking data.

Shift Toward Artificial Intelligence

Calacanis framed Bitcoin as a network offering little beyond a store of value. He contrasted it with artificial intelligence, which he said delivers unlimited upside for humanity through new products, services, and businesses. He described Bitcoin as a dead network and noted that the viral interest previously driven by memes and related assets has faded, with fewer efforts underway to attract new buyers.

The investor disclosed that he holds a long position in Bittensor’s TAO token. He praised the project for its focus on scaling AI solutions through decentralized networks that produce digital commodities such as compute and inference, with participants rewarded in TAO based on contributions. Calacanis has advocated pivoting toward AI since at least 2023, when he advised crypto founders to redirect their efforts in that direction.

History of Bitcoin Views and Market Reaction

Calacanis has expressed skepticism about Bitcoin for years. In 2018, when the asset traded near $3,700, he assigned a 60 to 70 percent probability that it would fall to zero. Later comments included doubts about it reaching $250,000 or $1 million, and he has criticized large-scale accumulation strategies by corporate holders. In late 2024 he acknowledged greater resilience and lowered the odds of total failure, yet his latest remarks mark a return to a strongly negative stance.

Responses to the post included pushback from Bitcoin supporters. Strategy founder Michael Saylor argued that artificial intelligence creates abundance while Bitcoin enforces scarcity, describing the two as complementary forces that the world needs. Other market participants referenced Calacanis’s earlier forecasts that did not materialize, noting substantial gains that followed periods of his prior caution.

Bitcoin has traded with a positive correlation to technology stocks in recent months. Over the past year semiconductor equities have advanced while Bitcoin has declined, though both assets can move together during broader risk-off periods. Calacanis’s own TAO position has also experienced notable declines over the same timeframe.

ETF flows remain a focal point for institutional sentiment. Sustained outflows could add pressure, while any recovery in inflows may signal renewed interest. Market participants continue to monitor these dynamics alongside the performance of AI-related assets.