Calacanis Calls Bitcoin a Dead Cat, Saylor and Cathie Wood Fire Back

Key Takeaways

• Calacanis ranted against bitcoin calling it a futile investment, even though prices are climbing at the moment.
• U.S. spot bitcoin ETFs took in $433 million on Sept. 18, led by Fidelity’s FBTC at $311 million.
• TAO, which Calacanis had postured as a 200x bet in March, is down about 24% while bitcoin gained 15%.

A Million Views and a Ratio

Calacanis, a popular angel investor and co-host of the All-In podcast, opened with “the dead cat continues to bounce,” and attached a one-year chart of BTC down 30.75%, with a cat emoji dropped in the middle.

The post was not a price call but rather a verdict on what bitcoin has slowly turned into, with Calacanis writing:

It’s a boring store of value, trusted as that — which is its biggest value. Institutions took BTC from punk rock to Muzak, and advocates went from pirates to suits in orange ties, awkwardly sharing cringe memes. If Bitcoin were going to reach mass adoption and an important use case, it does better than anyone else, it would have by now.

The thread closed with a string of analogies, comparing bitcoin to CDs in the age of Spotify, as well as a DVD in the age of Netflix.

The Replies Came Quick

Strategy’s top man, Michael Saylor, answered three hours later, saying: