Key Takeaways
- Michael Burry compared Bitcoin to the historical tulip bubble, calling it overvalued and hype-driven.
- Burry warned that Bitcoin poses greater risks than opportunities and enables criminal activity.
Investor Michael Burry, best known for predicting the 2008 financial crisis, criticized Bitcoin on a podcast, comparing it to the historical tulip bubble and expressing skepticism about its valuation and utility.
The hedge fund manager, who has recently made headlines for placing bearish bets against Nvidia (NVDA) and Palantir (PLTR), called the fact that Bitcoin reached $100,000 is “the most ridiculous thing.”
Despite dropping below $84,000 on Monday, Bitcoin reclaimed $90,000 after the US market opening. The digital asset was trading at around $90,600 at press time, up nearly 7% in the last 24 hours.
It’s not the first time Michael Burry has criticized Bitcoin. In early 2021, he called it a “speculative bubble” comparable to the dot-com and housing bubbles, despite its growing relevance and popularity.
Bitcoin has more than doubled in value since then.
Source: https://cryptobriefing.com/bitcoin-bubble-michael-burry-warning/
