Technology investor Jason Calacanis posted a public sell recommendation for bitcoin on Tuesday, predicting the asset would fall to $57,000 within 12 months and never reach another record high.
Calacanis, a technology investor and podcast host, made the call on X as bitcoin traded near $79,600. The $57,000 target represents approximately a 28% decline from that price level. “Why put your resources into a dead network that offers nothing beyond a store of value?” Calacanis wrote on X. “Just sell and shift from Bitcoin to Super Intelligence.”
Calacanis cited recent weakness in bitcoin exchange-traded funds as evidence demand for the asset could weaken further. Bitcoin ETFs lost $774 million across Thursday and Friday, according to data from Farside Investors. The outflows followed a $110 million inflow on Monday.
Calacanis has disclosed a personal stake in TAO, the cryptocurrency token behind Bittensor, an AI network. In a follow-up post, he stated: “I am long $TAO and love bittensor’s focus on scaling AI.” Bittensor’s network rewards participants for providing computing, storage, and other services used to build artificial intelligence.
The recommendation aligns with Calacanis’s broader pivot toward artificial intelligence. In 2023, he previously urged crypto founders to shift their focus to AI rather than blockchain development. Calacanis argues bitcoin has “lost the crowd” that once made ownership feel socially compulsory, and that investors can now ignore it without peer pressure. He contrasts bitcoin’s lack of utility beyond store of value with AI’s immediate practical applications.
Calacanis did not specify the detailed reasoning behind the $57,000 price target beyond citing ETF outflows and waning investor enthusiasm for bitcoin.
