Bitcoin's Decline May Trigger Massive Gold and Silver Sell-Off, Says Michael Burry

Foresight News posted on X (formerly Twitter) that Michael Burry, known for his portrayal in 'The Big Short,' has expressed concerns over Bitcoin's sharp decline potentially leading to a significant sell-off of gold and silver worth up to $1 billion. Burry suggests that institutional investors and corporate financial managers might resort to selling these precious metals to offset losses incurred by the cryptocurrency's downturn. Burry highlights Bitcoin's vulnerability, noting that its fall below $73,000 exposes its fragile foundation. He warns that companies holding substantial amounts of Bitcoin could face threats if the price drops to $50,000, potentially pushing some mining firms towards bankruptcy. Furthermore, Burry argues that Bitcoin has failed as a digital safe-haven asset or a substitute for gold. He believes the recent surge in Bitcoin's value, driven by ETFs, is speculative rather than indicative of sustainable real-world adoption.