Investor who called for AI pivot in 2023 says bitcoin is going to $57,000

Jason Calacanis, a technology investor who previously advocated for an AI pivot in 2023, predicts Bitcoin will reach $57,000.

The investor urged those holding BTC$84,459.46 to transfer their funds into artificial intelligence instead. He advised followers to sell Bitcoin on Tuesday, forecasting a revisit to the $57,000 low within the next 12 months, never setting another record high. This projection is about 28% below the near $79,600 price Bitcoin traded at on Tuesday, per CoinDesk data.

Calacanis stated on X, “Why put your resources into a dead network that offers nothing beyond a store of value?” He added, “A brutal year for Bitcoin is just getting started. Give me three minutes to explain why you should dump it now. Outflows from ETFs are signal and will continue. We will test the 57k low again in the next 12 months.”

He noted that Bitcoin has “lost the crowd” that once made owning it feel compulsory. Investors can now disregard it without facing ridicule, whereas AI provides more useful investment avenues. His advice was, “Just sell and shift from Bitcoin to Super Intelligence.”

Withdrawals from Bitcoin exchange-traded funds serve as a warning of ongoing selling pressure. Farside Investors reported that these funds lost approximately $774 million across Thursday and Friday, though Monday saw a return of $110 million.

Calacanis questions the source of Bitcoin's next buyer, noting the fading pressure to own it, ETF investors pulling capital, and AI absorbing excitement. This contrasts with Bitcoin's historical premise of fixed supply meeting a growing buyer base.

He maintains investments in tokens that compensate people for building AI. Specifically, he disclosed a stake in TAO, the token for Bittensor, which rewards participants for providing services like computing, AI responses, and storage.

In a follow-up, he wrote, “I am long $TAO and love bittensor’s focus on scaling AI.” This follows an earlier LinkedIn post from April where he contrasted crypto’s ambiguity with AI's immediate utility.