Investor Jason Calacanis questioned bitcoin’s long-term relevance after the cryptocurrency climbed back to the $80,000 level on Friday. In a post on X, he wrote that “the dead cat continues to bounce,” suggesting the latest move higher may be temporary.
Calacanis argued that, 17 years on, bitcoin has not become a strong tool for transactions or for smart contracts. He also said the user experience remains intimidating and that the asset no longer captures the public imagination in the way it once did.
In his view, if bitcoin comes up at a dinner party, it is more likely to prompt nostalgia than excitement. He further argued that people now expect bitcoin to be stable rather than a path to quick riches, making it, in his words, “boring.”
Calacanis added that if bitcoin were going to reach mass adoption and establish a major use case, that would likely have happened already, especially given its prominence in the digital-asset market.
‘Preserving wealth across generations’
Michael Saylor responded by pointing to bitcoin’s growth since 2011. He said it has become a $1.6 trillion success and the world’s most valuable digital asset.
According to Saylor, bitcoin’s core proposition is not social buzz but “Digital Capital.” He argued that preserving wealth across generations is a far bigger ambition than simply being a talking point at a dinner party.
He ended his response with a brief rejoinder — “The orange tie stays” — echoing Calacanis’ jab at bitcoin advocates.
