Famous investor Michael Burry, known for “The Big Short,” stated that Bitcoin has reached extreme valuation and described the cryptocurrency as the “tulip bulb of our time.”
The investor, who gained fame with the movie “The Big Short,” once again brought his criticisms regarding Bitcoin to the agenda.
In a podcast hosted by Michael Lewis, Burry compared the blockchain-based cryptocurrency to the “tulip bulb of our time,” referring to the tulip mania of the 1600s where prices inflated and collapsed due to speculation.
Saying “It is complete nonsense for Bitcoin to reach $100,000,” Burry defined the cryptocurrency as an asset with “no value.”
The famous investor also argued that Bitcoin deepens the financial activities of criminal organizations, stating, “This is worse than a tulip bulb because it has led to criminal activities becoming even more invisible.”
Market Value Dropped
Bitcoin broke a record by rising above $120,000 in October, but has lost more than 30 percent of its value since then.
Burry’s outburst regarding Bitcoin is evaluated as part of the famous investor’s strong return to the public eye after years of silence. Announcing that he took large positions against Nvidia and Palantir last month, Burry also argues that Tesla is “overvalued” and frequently warns about the AI bubble on X and Substack.
He Warned in the Past Too
Burry had issued similar warnings about Bitcoin in 2021. Although he stated at the time that the rationale for the cryptocurrency’s existence was “meaningful,” he defined Bitcoin as a “speculative bubble containing more risk than opportunity.” In a post that was later deleted, Burry stated, “If you do not know how much leverage is involved in the run-up, you do not know enough to own it.”
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