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
Kaspa (KAS) Price Rockets 10%: Is This the Breakout BTC Haters Won’t See Coming?
Kaspa (KAS) is hard to ignore these days as it has pumped more than 10% in the past day, sending the prices towards the $0.039 mark.
Although Bitcoin has been moving slowly, the KAS prices are gaining momentum, driven by both fundamental and technical factors.
The big question now is
CaptainAltcoin10m ago
Citi Downgrades Certain Crypto Trading Platform to Sell, Target Price Cut from $13 to $5.5
Gate News reported that on March 18 and March 19, Citibank downgraded a certain crypto trading platform's rating from neutral to sell, lowering the target price from $13 to $5.5, stating that the platform will need several more years to achieve profitability. Additionally, Citibank announced on the same day that it lowered BTC's target price for the next 1 year to $112,000, and ETH's target price to $3,175.
GateNews42m ago
