Prominent angel investor Jason Calacanis, widely recognized for his early backing of Uber, has renewed his criticism of Bitcoin, arguing that investors should turn their focus toward projects
Prominent angel investor Jason Calacanis, widely recognized for his early backing of Uber, has renewed his criticism of Bitcoin, arguing that investors should turn their focus toward projects delivering tangible products rather than speculative narratives.
In a recent post, Calacanis commented that if his brother held Bitcoin, he would advise selling half of the position and redirecting those funds into what he describes as “productive projects” such as Solana and Bittensor (TAO). He emphasized a notable preference for blockchain networks that prioritize product development and user utility.
Calacanis quipped, “The BTC power bottom is in!” before elaborating that Solana and TAO “are actually delivering new products — not just projects and promises.” This assessment marks a shift from his earlier skepticism toward these networks.
Solana and TAO are actually delivering new products — not just projects and promises, according to Jason Calacanis, who suggests shifting investments into productive blockchain ecosystems.
For years, Calacanis publicly distanced himself from Solana, questioning its practical applications outside of speculation. As recently as late 2024, he said he had “never owned SOL,” and consistently voiced doubt over the network’s real-world utility.
Despite his long-standing reservations, Calacanis has recently expressed a more positive outlook on Solana. In recent interviews and social media posts, he acknowledged that entrepreneurs are building on both Solana and Bittensor, with real-world products emerging from these ecosystems.
However, Calacanis has not publicly disclosed direct investments in Solana or any connection between his venture firm and Solana Labs.
Mini dictionary: Bittensor (TAO), a decentralized machine learning network that allows users to contribute machine learning models to the blockchain and earn rewards, represents an alternative approach within the Web3 sector by merging AI and decentralized incentives.
While maintaining his status as a Bitcoin holder, Calacanis has persistently criticized Strategy, a business intelligence company led by co-founder Michael Saylor that has become one of the largest corporate holders of Bitcoin.
Earlier this year, Calacanis said Bitcoin faces a “Strategy problem,” citing concerns about the company’s growing dominance in the market and its influence on the industry’s overall narrative. He argued that the firm’s presence could be distorting natural market dynamics.
Calacanis has frequently urged investors to purchase Bitcoin directly, rather than investing through Strategy’s publicly traded shares. He argues that the company’s financing methods introduce additional risk to retail shareholders.
Asset/MethodInvestor ExposurePerceived RiskDirect Bitcoin (BTC)Full ownership, self-custodyPrice volatility onlyStrategy sharesBTC plus company operationsMarket risk, company leverageThe investor reiterated in previous remarks that he would “never touch” Strategy stock, even in the event of a significant price correction. He also stated that there should be no taxpayer-funded rescue if the firm faces financial difficulties in the future.
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