The man who predicted the 2008 crisis, Michael Burry, spoke again about Bitcoin and this time remembered that currency is risky according to him. This view is in line with what fans of the digital currency believe, as many view it as a store of value.
In recent years, there has been no shortage of opportunities for the legendary trader to expose his views on various assets around the world, be it stocks or even cryptocurrencies.
It is worth remembering that Burry is one of the key figures to track down the crisis in 2008, with his role in the movie The Big Short being played by actor Christian Bale, also famous for his roles as Batman in the past. .
In other words, the US financial market analyst is recognized as a great visionary, as crisis detection is not a task that anyone can do. And in recent days he has again warned about the moment, saying that the new global crisis is not good and that the dollar is not a strong currency.
Michael Burry Says Bitcoin Is A Risky Asset
Looking at assets across all sectors, Michael Burry is aware of the move bitcoin has made in recent months, which is far from positive.
That’s because the digital currency lost 55% against the dollar in 2022, a massive drop that left the currency’s price worth $21,200.00 next Saturday (25).
The Nasdaq Index (NDX Index), the US exchange’s benchmark for the 100 largest stocks of technology companies, recorded a 26% drop in 2022. This is certainly a dramatic situation in the technology sector, which cryptocurrencies say may be related to the analyst.
This is because, Michael Burry announced last Friday (24) that there is a strong correlation between this NDX index and Bitcoin, which may indicate that the digital currency is a risky asset, not a safe financial reserve.
“Are we sure Bitcoin isn’t just another risky asset on the Nasdaq 100?”
In the past year, digital currencies have shown similarities in price behavior with Nasdaq 100
It is worth noting that the Bitcoin price charts compared to the Nasdaq 100 have shown similarities over the past year and the past six months. That is, in the medium term, it is possible to see that the digital currency followed the benchmark index for stocks of major tech companies.
This could indicate that investors from both sectors have similar interests, namely in the technology sector.
However, those who believe in Bitcoin as a store of value believe that the fiduciary system is evil and corrupt, which is the main belief of digital currency defenders who do not trust currencies like the dollar and the real.
However, this view was not taken into consideration by Michael Burry when he called BTC a risky asset and compared its price to stocks.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
