The real-life inspiration for the protagonist of "The Big Short": Bitcoin crash may trigger a $1 billion gold and silver sell-off.
PANews reported on February 4th that, according to CoinDesk, Michael Burry, the real-life inspiration for the character in "The Big Short" (and an investor who successfully predicted the 2008 financial crisis), warned that the recent drop in Bitcoin could have a ripple effect across the entire market, especially the gold and silver markets. The Bitcoin crash could force institutional investors and corporate finance executives to sell up to $1 billion worth of gold and silver to offset losses from cryptocurrencies.
Michael Burry believes that Bitcoin's drop below $73,000 exposed its fragile foundation. He argues that a price decline to $50,000 would threaten companies holding large amounts of Bitcoin and could even lead to the bankruptcy of some mining companies. Burry maintains that Bitcoin has failed as a digital safe-haven asset or a substitute for gold, and that the recent ETF-driven rally is merely speculative rather than a reflection of its sustainable real-world applications.
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