Leading investor claims BTC will "be replaced" and "likely go to $0"

10 Jun, 2019
by David Robb
Opinion
Leading investor claims BTC will be replaced and likely go to $0

A venture capitalist recently shared his thoughts about the future of Bitcoin. The angel investor Jason Calacanis claimed that Bitcoin was likely to be replaced by new technology, and its price would eventually be somewhere in the range $0-500.

Calacanis is the CEO of LAUNCH, a startup incubator that has invested in Uber amongst other promising new businesses. He was responding to a tweet about recent BTC gains, after the top crypto temporarily broke above $9000 a week or so ago.

Calacanis claimed that there was a possibility that BTC could outlast its competitors, and for that reason he recommended that investors have 1-5% of their net worth exposed to it. Despite his otherwise bearish outlook on Bitcoin, his 1 percent recommendation is similar to one made to hedge funds by Michael Novogratz, one of the most bullish figures in crypto. 

As well as operating on technology that may be improved and replaced, Calacanis also pointed out how manipulated he believed the Bitcoin market is. He also mentioned its excessive energy consumption and the possibility of hacking. 

Unsurprisingly, there were plenty of observers on Twitter ready to disagree with Calacanis' take. They suggested that the VC should take a major short position on BTC if he really believed it was going to disappear, and claimed that another system taking its place was unlikely. 

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