'Not Worth Anything': Michael Burry Says Bitcoin Is The 'Tulip Bulb Of Our Time'

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

Bitcoin’s valuation is “ridiculous,” according to “The Big Short” capitalist Michael Burry, who predicted the 2008 lodging marketplace clang years successful advance.

“I deliberation that Bitcoin astatine $100,000 is the astir ridiculous thing,” Burry told writer Michael Lewis successful an occurrence of the podcast “Against The Rules: The Big Short Companion” past week, adding that “it’s not worthy anything.”

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“It’s the tulip bulb of our time,” helium continued, comparing the plus to the 17th-century tulip mania successful the Netherlands. “It’s worse than a tulip bulb due to the fact that this has enabled truthful overmuch transgression activity.”

It is not the archetypal clip Burry has taken a swipe astatine the largest cryptocurrency by marketplace capitalization. Amid the asset’s run-up successful 2021, helium said it was “a speculative bubble,” informing that the risks outweighed immoderate imaginable opportunities. It did footwear disconnected a multiyear downturn the pursuing year, but is besides up astir 100% since.

Burry’s astir caller remarks connected Bitcoin travel arsenic helium has grabbed headlines for abbreviated positions connected Nvidia (NASDAQ:NVDA) and Palantir (NASDAQ:PLTR) successful caller weeks.

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Shedding airy connected the reasoning down his Palantir short, Burry told Lewis past week connected the "Against The Rules: The Big Short Companion" podcast that the company’s gross was swallowed up by stock-based compensation for executives and staff.

More broadly, Burry said the AI marketplace was successful a bubble, akin to the dot-com bubble of the aboriginal 2000s, adding that it could burst successful the adjacent 2 years. He said humanities information connected akin bubbles suggested that the marketplace tended to highest earlier superior expenditure maxed out.

Burry said radical who person recorded important gains should sell, adding that if helium had to clasp immoderate stocks, it would beryllium wellness care. “They’re truly retired of favor,” helium said.

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This nonfiction 'Not Worth Anything': Michael Burry Says Bitcoin Is The 'Tulip Bulb Of Our Time' primitively appeared connected Benzinga.com