Famous Investor "Bitcoin (BTC) Illusion is Over"... Declares 'Dead Cat Bounce'

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Jason Calacanis, a famous American angel investor, criticized Bitcoin (BTC)'s recent rebound, labeling it a 'dead cat bounce.' He assessed that Bitcoin, 17 years after its inception, has failed to prove its practical utility and has fallen out of public interest.

According to Benzinga, a US financial media outlet, on September 21 (local time), Calacanis shared a Bitcoin price chart on X (formerly Twitter) showing a 30% drop over the past year. He dismissed the recent recovery to $80,000 as a temporary technical rebound, stating, "The dead cat keeps bouncing."

Calacanis strongly pointed out Bitcoin's limitations in practicality and scalability. He criticized, "Bitcoin is not useful for payments or smart contracts," and "The user experience is still too cumbersome for most people." He added, "It has lost its appeal to capture the public imagination," and "Even if it comes up at a dinner party, it's merely recalled as a past fad."

He also remarked that Bitcoin has transformed from an explosive growth asset into a boring store of value. Calacanis commented, "Bitcoin supporters have changed from pirates to suits with orange ties, sharing awkward memes." He then added, "If Bitcoin truly intended to achieve mass adoption and demonstrate unique use cases, it should have already done so."

Key industry figures immediately countered Calacanis's remarks. Cathie Wood, CEO of ARK Invest, refuted, "Bitcoin is not a dead cat and has many lives left to live." Michael Saylor, Chairman of Strategy, also responded, calling it a $1.6 trillion digital asset and stating, "The orange ties are here to stay."

[Article Summary]

-Jason Calacanis disparaged Bitcoin's recent rebound as a dead cat bounce, noting its 30% drop over the past year.

-He criticized it as a boring asset unsuitable for payments and smart contracts, with a difficult user experience, thus losing public interest.

-He directly attacked supporters wearing orange ties, stating that the time for Bitcoin to prove mass adoption has already passed.

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