What AI Actually Took From Bitcoin

Back in June, there was an almost suspiciously convenient explanation for Bitcoin’s bad year - investors had simply found something more exciting. It was trading around $63,000, down almost a third in 2026, while semiconductor stocks were among the market’s biggest winners. Major semiconductor ETFs had taken in more than $21 billion that year, while Bitcoin ETFs had recorded roughly $3.1 billion in net outflows. Reuters described it as investors cooling on Bitcoin while chasing AI and a new wave of major tech listings. It was an easy story to believe. Maybe too easy.

By August, that explanation looked much less convincing. Bitcoin had climbed back above $80,000 and at one point was up 28% for the month, its strongest monthly gain since November 2024. AI enthusiasm had barely cooled. Nvidia jumped 8.7% after another strong forecast, while estimates for 2026 capital spending by Microsoft, Alphabet, Amazon, Meta and Oracle had risen from about $485 billion in January to roughly $730 billion by July.

Bitcoin was recovering while investors were still extremely enthusiastic about AI. I think crypto has been far too quick to confuse losing the spotlight with losing the investment case.

Bitcoin used to combine several ideas into one trade