Julian Liniger, co-founder and CEO of Swiss bitcoin brokerage Relai, said the current bitcoin bear market is driven in part by AI investments absorbing global liquidity. Speaking with The Block's Gareth Jenkinson at BTC Prague on Thursday, Liniger stated that investors are pouring capital into companies such as Anthropic, OpenAI, and SpaceX, leaving little room for other assets including bitcoin. He expects the AI buildout cycle to continue through this year and next before slowing, potentially redirecting capital toward bitcoin as productivity gains materialize and investors realize returns on AI investments.
Liniger Forecasts AI Cycle Slowdown and Capital Rotation
Liniger said, "All the liquidity is being sucked up by this [AI] hype. People need to sell something for it. It's bitcoin and most other assets." He expects the current AI buildout cycle to continue through this year and next year before slowing. Liniger stated, "What will happen is the AI hype will slow down. The money will be used to pay to build out the whole AI industry this year and next year and then there will be a lot of productivity gains through that... A lot of people will make a lot of money with a return on these investments... and then this money will flow naturally into bitcoin."
Relai Reports Monthly User Onboarding Amid Acquisition Challenges
The bitcoin bear market has weighed on Relai's business, though Liniger said the company continues to grow steadily. New user acquisition has become harder and more expensive, but the app still draws thousands of downloads per month and onboards roughly 1,000 to 2,000 new active users monthly. Liniger said, "Still, it's going. But it's much harder... much more difficult to get people convinced about bitcoin because they really have not much money right now."
Relai Secured MiCA License and $12 Million Series A Funding
Relai is a bitcoin-only self-custodial app based in Switzerland. The company obtained its MiCA license in France in October 2025 and raised $12 million in a Series A funding round in December 2024, bringing its valuation to $72 million.
Bitcoin Trades at $63,375 Below October 2025 All-Time High
Bitcoin edged up 0.8% over the past 24 hours to trade at around $63,375, according to The Block's BTC price page. The world's largest cryptocurrency remains below its all-time high of roughly $126,000 recorded in October 2025.
FAQ
What did Julian Liniger say about AI investments and bitcoin demand?
Julian Liniger, CEO of Relai, said at BTC Prague on Thursday that the current bitcoin bear market is driven in part by global liquidity absorbed by AI investments in companies such as Anthropic, OpenAI, and SpaceX. He stated that investors are selling bitcoin and other assets to fund these AI investments, and expects the AI buildout cycle to continue through this year and next before slowing and potentially redirecting capital toward bitcoin.
How many new users does Relai onboard monthly?
Relai onboards roughly 1,000 to 2,000 new active users monthly, according to CEO Julian Liniger. He said new user acquisition has become harder and more expensive during the bitcoin bear market, but the app still draws thousands of downloads per month.
