PANews February 4th News, according to CoinDesk, the protagonist of “The Big Short” (the investor who successfully predicted the 2008 financial crisis), Michael Burry, warned that recent declines in Bitcoin could trigger a chain reaction across the entire market, especially in the gold and silver sectors. The sharp drop in Bitcoin may force institutional investors and corporate finance officers to sell up to $1 billion worth of gold and silver to cover losses caused by cryptocurrencies.
Michael Burry believes that Bitcoin falling below $73,000 exposes its fragile foundation. If the price drops to $50,000, it could threaten companies holding large amounts of Bitcoin and even lead to the bankruptcy of some mining companies. Michael Burry thinks that Bitcoin, as a digital safe haven asset or gold substitute, has already failed. The recent rise driven by ETFs is merely speculative behavior, not a reflection of its sustained application in the real world.
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