Michael Burry Says He 'Slept' on Bitcoin After Early 2013 Buying Opportunity

Core Insights - Michael Burry's recent analysis highlights his skepticism towards Bitcoin, arguing it lacks utility and has not proven to be a reliable hedge against currency debasement [1][3] - Burry's historical market calls demonstrate a pattern of significant investment decisions, including shorting Amazon at its peak in 2000 and investing in Apple in 1998 and 2002 [2][3] Bitcoin Critique - Burry emphasizes that Bitcoin is primarily driven by speculation and lacks a stable purpose in the real economy, which undermines its long-term demand [3] - He contrasts Bitcoin's performance with that of gold and silver, which have reached record highs during geopolitical tensions, suggesting Bitcoin does not function as a debasement hedge [4] Corporate Adoption Concerns - Burry warns that the corporate adoption of Bitcoin does not ensure its permanence, citing around 200 public companies holding Bitcoin and the potential need to mark these positions to market [5] - He indicates that risk controls could necessitate selling if Bitcoin prices continue to decline, raising concerns about its stability as an investment [5] Tokenization Trends - Burry's interest in tokenization reflects a broader industry shift towards integrating digital assets, with major financial institutions like JPMorgan Chase adopting this technology [6][7] - The growing adoption of tokenized assets may alter perceptions of cryptocurrencies as reliable hedges, emphasizing the need for investors to consider market dynamics and corporate adoption implications [7]