"Big Short" Michael Burry: Bitcoin is "the tulip bulb of our time," $100,000 is absurd.
Odaily Planet Daily reports that Michael Burry, an investor known as the "Big Short," said the Bitcoin hype has gotten out of control, calling it "the tulip bulb of our time," referring to the 17th-century tulip mania that collapsed.
In a podcast that aired Tuesday, Burry said Bitcoin is “worthless” and called seeing it reach $100,000 “the most ridiculous thing.” He also said Bitcoin is worse than tulip bulbs because it “fuels so much criminal activity hidden underground.”
Bitcoin prices rose about 1.5% in early trading on Tuesday, trading around $88,700. Bitcoin hit an all-time high of over $120,000 in October but has since fallen more than 30%. Burry recently broke a two-year silence, disclosing last month his short positions in Nvidia and Palantir (leading to the liquidation of his fund) and repeatedly warning of an AI bubble. Burry previously criticized cryptocurrencies as a "speculative bubble" in 2021.
