Bitcoin price never reaches a record again, warns tech billionaire
Bitcoin may never rise above $126,000 again, Jason Calacanis thinks. He sees AI as a major competitor and fears a fall to 57,000.
Bitcoin (BTC) is well below its al-time high of over 126,000 dollars and that, as always, leads to doubts about the future. Tech investor Jason Calacanis goes remarkably far in his judgment. According to him, it is quite possible that Bitcoin will never see its old peak again.
Calacanis, known as an early investor in, among other things, Uber and various technology companies, states that he believes Bitcoin has entered a fundamentally different phase. Where previous corrections were often followed by new records, he thinks this pattern may not return this time.
His gloomy vision is mainly about changing market dynamics. According to him, much of Bitcoin's speculative appeal has disappeared and the market has become much more mature.
By this he means that huge price increases become increasingly difficult as the market gets bigger. Bitcoin has now had a market value of trillions of dollars, which means that more and more new capital is needed to push the price tens of percent higher again.
Calacanis also points to increasing competition from other technologies and financial products. Investors today have far more opportunities to invest in digital assets, AI companies, and other growth sectors than during previous Bitcoin cycles.
He therefore says he prefers to invest in technology that he believes can create more economic value. For example, he still holds a position in Bittensor (TAO), a crypto project that focuses on AI.
In addition, he points to the recent outflow from US spot Bitcoin ETFs. In two trading days, about 774 million dollars flowed out of it, although some came back afterwards.
Calacanis expects the selling pressure to continue and thinks that Bitcoin can even fall back to the bottom of $57,000 within twelve months.
His gloomy predictions are not new, by the way. In 2018 and 2019, he already warned that Bitcoin could eventually collapse sharply.
The exchange rate at the time was $5,500. Those predictions did not come true then, and in 2024 he himself admitted that Bitcoin had turned out to be much stronger than he had previously expected.