Technology investor Jason Calacanis argued that Bitcoin will retest $57,000 in the next 12 months and revealed that he holds a position in the AI-focused Bittensor TAO token.
According to CoinDesk, Calacanis suggested in a post on X on October 27 that Bitcoin holders sell their assets and turn to AI. The investor and podcast host has now extended to BTC holders the call he made to crypto entrepreneurs in 2023 to focus on AI.
What’s Behind the $57,000 Bitcoin Forecast?
Calacanis argued that Bitcoin will never reach a record high again and will revisit $57,000 within 12 months. That level would represent a decline of around 28% from the approximately $79,600 price reported for Tuesday.
The investor’s thesis is based on the view that Bitcoin has lost the appeal that once made owning it feel almost essential. According to Calacanis, investors now believe they can find opportunities without buying Bitcoin, and AI offers more attractive areas in which to put their capital to work.
This view challenges the expectation that Bitcoin’s limited supply will meet a continually growing pool of buyers. The key question Calacanis raised is who Bitcoin’s next buyers will be.
He Pointed to ETF Outflows, but Flows Reversed on Monday
Calacanis pointed to outflows from Bitcoin exchange-traded funds (ETFs) as a sign that selling pressure could continue. According to Farside Investors data cited in the article, a total of about $774 million flowed out of the funds on Thursday and Friday.
On Monday, however, the funds recorded $110 million in inflows. Flows thus turned positive again after the two-day outflow Calacanis had highlighted.
His Portfolio Includes an AI-Focused Altcoin
Alongside his sharp criticism of Bitcoin, Calacanis also revealed that he has a position in Bittensor’s TAO token. Bittensor operates as a network that rewards participants who provide services such as computing power, AI responses, and storage.
In an assessment he shared on LinkedIn in April, the investor said AI directly benefits users and that Bittensor’s token incentives support the development of these services. In his latest comments, he also said he had invested in TAO and liked the network’s focus on growing AI.
Not investment advice.