Famed investor Michael Burry has predicted that Bitcoin’s slide below $60k could send it into a death spiral with far-reaching consequences across markets, including Gold and Silver. He also indicated that companies invested in it would be wiped out, prompting further selloffs.
Burry is known for making the ultimate bet when he shorted the real estate mortgage sector back in 2008, earning $100 million. Burry has since become an influencer, giving his two cents on the future of the economy.
Bitcoin fell below $75k again yesterday and tested the $70k psychological support earlier today, reaching multi-year lows. The largest cryptocurrency by market capitalization has been criticized lately for its poor 2025 performance, failing spectacularly against conventional assets like Gold and Silver.
In a recent Substack post, Burry painted an underwhelming picture of the premier digital currency and stated that major investors might have had to sell their Gold and Silver positions to cover their crypto losses.
“It looks like up to $1 billion in precious metals were liquidated at the month’s very end as a result of falling crypto prices,” Burry wrote as he believed asset managers were under pressure to keep their funds in the green.
He continued his criticism, stating that the digital asset is likely to continue falling.
“There is no organic use case reason for Bitcoin to slow or stop its descent,” he said. If the price falls to $50,000, Burry warned, mining firms could face bankruptcy, and the market for tokenized metals futures could “collapse into a black hole with no buyer.”
Burry also dismissed the use of Bitcoin by the company and state treasuries, calling it a fad. For him, the digital asset is purely a speculative asset and not a safe haven by any measure.
The Future
Burry’s criticism of Bitcoin is warranted, as the major digital asset has underperformed despite rising market liquidity and regulatory approvals. The market is in freefall with no clear floor in sight.
However, it is also fair to point out that Burry has always been a major crypto skeptic, calling it a speculative asset similar to the Tulip bulb mania of the 1600s. His stance on the matter has not changed in over a decade, and BTC has become a trillion-dollar asset during that time.
Source: https://zycrypto.com/bitcoins-move-below-60000-could-send-it-into-a-death-spiral-wipe-out-companies/
