Bitcoin’s path to $250,000 or $1 million has come under fresh scrutiny after early Uber investor Jason Calacanis argued that Michael Saylor and Strategy may have permanently altered the market’s structure. In a post on X on Wednesday, Calacanis challenged bullish forecasts and wrote: “Will it ever hit $1 million? Heck, will it even hit $250,000? I think Saylor broke the game of bitcoin by trying to corner the market and doing all kinds of funky financial engineering around it.”
Calacanis was responding to SkyBridge Capital founder Anthony Scaramucci, who remains bullish even while describing current conditions as a bear market. Speaking to CNBC’s Andrew Ross Sorkin at the Wyoming Blockchain Symposium, Scaramucci said Bitcoin has been unusually resilient during its latest downturn and expects the halving cycle to tighten supply. “I think as the halving cycle comes in again and we cut the supply of coins again, it will tighten prices,” Scaramucci said. “And I think you'll see the thing move back up over 100,000. But it's going to grind for a while.”
Calacanis has long criticized Strategy, the corporate Bitcoin treasury formerly known as MicroStrategy. Earlier in August, he called it “the most convoluted way to buy Bitcoin ever invented,” arguing that investors wanting exposure should simply buy Bitcoin directly. He also questioned whether Bitcoin can keep attracting enough new believers to support price appreciation, saying the asset “requires a growing community of believers... at least for the price to go up.”
Not everyone agrees. Bitwise CEO Hunter Horsley directly rejected Calacanis’s assessment, responding on X: “I think you're wrong.” The debate comes as Bitcoin continues to hold above $60,000 while trading sideways, highlighting a divide over whether Strategy’s aggressive accumulation and financial engineering is a long-term catalyst or a structural risk for the market.
