$BTC Investor Michael Burry warned that the decline of Bitcoin could trigger a chain reaction with devastating consequences for the market. In his opinion, the cryptocurrency has not proven that it, like gold, protects money from devaluation, and remains a speculative asset.

Since the October peak, the cryptocurrency has fallen by more than 40%. With Bitcoin falling to $50,000, miners can expect a wave of bankruptcies.

Burry claims that the scale of the crypto market is still not large enough to organize a systemic crisis: the capitalization of Bitcoin is about $1.5 trillion, household participation is limited, and the participation of institutional investors remains niche. Previous declines did not lead to disruptions in the functioning of traditional capital markets.

BTC

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$ETH

ETH

1,987.58

+1.30%

$PAXG

PAXG

4,906.46

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