BTC Vs. TAO: Jason Calacanis Says Bitcoin Will Never Hit New Highs, Backs Bittensor Instead

Angel investor Jason Calacanis, an early investor in Uber (UBER) and Robinhood (HOOD), told his followers to sell Bitcoin (BTC) and invest in artificial intelligence on Tuesday, but said he was long Bittensor (TAO).Bitcoin's rough stretch was just getting started, the All-In podcast co-host wrote on X. "A brutal year for Bitcoin is just getting started," he wrote.Calacanis said Bitcoin could revisit its 2026 low within a year. "We will test the 57k low again in the next 12 months," he wrote. He also said Bitcoin "will never break its all-time high again." https://x.com/Jason/status/2114956980674605075?s=20Calacanis Makes Case For AIHis argument is that money works best where it grows fastest. Calacanis said there are plenty of faster-growing places for investors to put capital today. He said Bitcoin was a "dead network that offers nothing beyond a store of value".Calacanis said that "The viral nature of bitcoin was it's power... if you didn't own you were MOCKED!" He thinks the promise of changing the world has moved from Bitcoin to AI. He wrote, "Just sell and shift from Bitcoin to Super Intelligence because one provides little to no value, and the other provides unlimited upside for humanity."Bitcoin ETFs Snap Two-Day Outflow Streak Calacanis said one telling sign was the Exchange Traded Funds (ETFs). "Outflows from ETFs are signal and will continue," he wrote.According to data from SoSoValue, U.S. spot Bitcoin ETFs saw net outflows amounting to $635.6 million on Oct. 22. That was the largest one-day withdrawal since June 25. The selling didn't last. The funds attracted $110.34 million on Monday, ending two straight sessions of outflows, data from SoSoValue showed.TAO Vs. BTC: SentimentHowever, he was not completely rooting against crypto. Calacanis named his AI bet, saying, “I am long $TAO and love Bittensor’s focus on scaling AI.”Bittensor is a decentralized network that uses TAO to reward machine learning algorithms that offer AI services. edged up over 0.2% at the time of writing. On Stocktwits, retail sentiment around TAO dropped to ‘extremely bearish’ from the ‘bearish’ zone, with chatter around it at ‘normal’ levels over the past day. According to platform data, message volume around Bittensor has increased over 60% in a week.On Stocktwits, Bitcoin was among the top trending tickers at the time of writing. was trading around $79,680, down 0.3% in the last 24 hours. On Stocktwits, retail sentiment around Bitcoin remained in the ‘bearish’ zone, accompanied by ‘normal’ chatter levels over the past day. According to platform data, message volume around Bitcoin has increased over 28% over the past week.BTC Vs. TAO: Bitcoin's Network Upgrade vs. Bittensor's Institutional PushThe biggest upgrade to Bitcoin this year was to the software that most people use to run the network. Introduced in April, it modifies how the network organizes the queue of transactions awaiting processing. That should make it more orderly to decide which payments go through next, and replace a stuck payment with a higher-fee version. The update also added an optional way to send payments more privately. July saw a smaller follow-up that fixed bugs.The clearest first-hand record this year for Bittensor is not about the network itself. According to Grayscale's filing, its Bittensor fund increased its holdings from 36,193 to 38,289.6 TAO in the first quarter, and TAO's price rose from around $220 to around $307 during that period alone. However, investors still can't redeem their shares for the token, pending regulatory approval.BTC’s price is down over 9% so far this year, while TAO’s price has gained over 12% year-to-date.