Michael Burry Warns of Bitcoin-Induced Gold, Silver Sell-Off

Michael Burry, the investor known for predicting the 2008 financial crisis, has issued a warning that Bitcoin’s recent price drop could lead to significant market repercussions. Burry suggests that a further decline in Bitcoin’s value, particularly below $50,000, might compel institutional investors and corporate treasurers to liquidate up to $1 billion in gold and silver holdings to cover cryptocurrency losses.

Burry criticized Bitcoin’s performance as a digital safe-haven asset, arguing that its recent price surge, driven by ETF speculation, lacks real-world utility. He highlighted the potential risk to companies heavily invested in Bitcoin, including the possibility of bankruptcy for some mining firms if the cryptocurrency’s price continues to fall.