"Big Short" Michael Burry: Bitcoin Crash Could Trigger $1 Billion Gold and Silver Sell-off

According to CoinDesk, Michael Burry, the real-life inspiration for the protagonist in "The Big Short" (who successfully predicted the 2008 financial crisis), has warned that the recent decline in Bitcoin could trigger a chain reaction across the entire market, particularly in the gold and silver markets.

The plunge in Bitcoin may force institutional investors and corporate finance executives to sell up to $1 billion in gold and silver to offset losses incurred from cryptocurrencies. Michael Burry believes that Bitcoin's drop below $73,000 exposes its fragile foundations, and if the price falls to $50,000, it could threaten companies holding large amounts of Bitcoin and may even lead to the bankruptcy of some mining companies.

Michael Burry asserts that Bitcoin has failed as a digital safe-haven asset or a substitute for gold, and the recent surge driven by ETFs is merely speculative behavior rather than a reflection of its lasting application in the real world.