Bitcoin Defenders Clash with Skeptical VC Jason Calacanis

ARK Invest CEO Cathie Wood and MicroStrategy Executive Chairman Michael Saylor defended Bitcoin after venture capitalist Jason Calacanis labeled it outdated.

Calacanis argued that Bitcoin's recent recovery above $80,000 was a 'dead cat bounce' and described the largest cryptocurrency as unsuitable for everyday transactions and smart contract functionality.

He claimed that institutional adoption had transformed Bitcoin into little more than a store of value, comparing it to outdated formats like CDs in the era of Spotify or DVDs in the era of Netflix.

Wood responded directly to Calacanis on X, stating 'Bitcoin is not a dead cat, Jason! It has many lives ahead.'