Silicon Valley angel investor Jason Calacanis predicted further declines for Bitcoin and argued that funds should be shifted to AI-related investments.
On the 27th, Calacanis said on X that net outflows from spot Bitcoin ETFs were a signal of the trend ahead, and expected BTC to retest its low of $57,000 within the next year.
He argued that there are many investment opportunities creating more value than Bitcoin, and that the Bitcoin network does not provide functions beyond serving as a store of value. He added that the meme and NFT frenzies that previously led the market have also disappeared.
Calacanis argued that BTC should be sold and invested in AI, saying that AI is already changing the world while Bitcoin creates little value. He also predicted that Bitcoin would not set a new all-time high again.