American venture investor Jason Calacanis said Bitcoin would not set another all-time high and predicted that its price would return to $57,000 over the next 12 months. He said a prolonged downturn for the leading cryptocurrency was only beginning and urged investors to shift their attention toward artificial intelligence.

Calacanis is known as an early investor in Uber and Robinhood and as a co-host of the All-In podcast. He previously worked with venture firm Sequoia Capital and invested in hundreds of technology startups.

In his forecast, Calacanis described Bitcoin as a stagnant network whose only function is to store value. He said capital would gradually move into faster-growing areas, primarily artificial intelligence.

“Bitcoin will never exceed its all-time high again,” Calacanis wrote.

Calacanis cited outflows from spot Bitcoin exchange-traded funds as a sign of weakening investor interest. He said he expected that trend to continue.

His criticism did not extend to all crypto assets. Calacanis said he holds TAO tokens from Bittensor, a project focused on building decentralized artificial intelligence infrastructure.

He urged investors to move from Bitcoin toward superintelligence technologies, which he said have significantly greater potential.

Galaxy Digital experts previously said Bitcoin’s bear cycle had ended.

Source: Incrypted