Bitcoin’s “Dead Network” Debate Turns Into a $3 Million Showdown 🤑

Three investors have each offered Jason Calacanis a $1 million Bitcoin bet after the All-In podcast co-host claimed that $BTC will never break its all-time high again. Blockstream CEO Adam Back has also signaled he wants in, bringing the proposed wagers to $3 million, although Calacanis has not formally accepted any offer.

Calanacanis triggered the challenge in an October 27 post urging investors to “dump” Bitcoin and rotate into artificial intelligence (AI), citing outflows from spot Bitcoin ETFs. He predicted that “We will test the 57k low again in the next 12 months,” setting a $57,000 target, and described Bitcoin as a “dead network” offering little beyond a store of value.

Michael Saylor, executive chairman of Strategy, formerly MicroStrategy, responded that AI and Bitcoin are complementary rather than competing sectors. He wrote, “AI creates abundance. Bitcoin enforces scarcity. One expands humanity’s ability to create value. The other lets us preserve and transfer it across time and space. Digital Intelligence and Digital Capital are complementary, Jason. The world needs both.”

The challengers are betting that Bitcoin will exceed $126,210.50, its October 2025 record, before their respective deadlines. Bitcoin investor Fred Krueger made the first offer, giving Calacanis until October 28, 2036, while real estate investor Grant Cardone set a deadline of October 28, 2028. Bitcoin educator Terence Michael matched Cardone’s terms with another $1 million offer, and Back, whose Hashcash work is cited in the Bitcoin white paper, offered to add more money to Cardone’s side.