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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Breaks Key Resistance as NRPL Reclaims Zero Level on May 6
According to analyst Murphychen, the Net Realized Profit/Loss (NRPL) indicator reclaimed the zero level on May 6, signaling a recovery in the market's overall profitability as new capital entered to absorb earlier profit-taking. Bitcoin simultaneously broke through both STH-RP and TMMP resistance le
GateNews40m ago
Michael Saylor first said he may sell Bitcoin, injecting a “shot in the arm” into the market
During Strategy’s first-quarter earnings call held on May 6, Chairman Michael Saylor said the company may sell some Bitcoin (BTC) to pay dividends, saying the move is intended to “inject a shot of confidence into the market” to signal the company’s normal operations. Strategy reported a net loss of $12.5 billion for the quarter.
MarketWhisper58m ago
Has the Bitcoin bear market ended? 10x Research: Early starters are already ahead with a 10% profit
10x Research said that early Bitcoin investors have already made about 10% profit; trading volume remains sluggish, and bullish and bearish sentiment are still strong. Open interest has stabilized, but the funding rate is -6.1%, suggesting a large amount of capital has tilted toward short positions, hinting at a possible market reversal. The research believes that new bull markets often quietly begin while most people are still on the sidelines, and it reminds traders to maintain strict risk control and use hedging.
ChainNewsAbmedia1h ago
BTC Falls Below $77,472, Major CEX Long Liquidations Hit $2.189B on May 6
According to Coinglass data, if BTC falls below $77,472, cumulative long liquidations on major centralized exchanges would reach $2.189 billion as of May 6. Conversely, if BTC breaks above $84,954, cumulative short liquidations would reach $1.948 billion.
GateNews2h ago
CME Group to Launch Bitcoin Volatility Futures on June 1
CME Group will launch cash-settled bitcoin volatility futures beginning June 1, pending regulatory approval. The contracts, trading under ticker BVI, will allow traders to hedge and speculate on bitcoin's volatility directly without taking a directional price bet. The futures will settle to the CME
GateNews3h ago
