因成功预测2008年美国房地产市场崩盘而闻名的"大空头"Michael Burry警告称，比特币已暴跌40%，若 继续下跌可能对过去一年大量囤积该资产的公司造成持久损害。他认为比特币已被证明是纯粹的投机性 资产，未能像贵金属那样成为对冲工具。 Burry在周一发布的Substack文章中指出，如果比特币再下跌10%，最激进的比特币库存公司之一 Strategy Inc.将出现数十亿美元亏损，且基本无法进入资本市场。他警告称，比特币下跌可能引发"灾难 性后果"，包括传递到更广泛的市场，并导致代币化金属期货出现"抵押品死亡螺旋"。 这一警告发出之际，比特币周二继续暴跌，一度跌破73000美元，抹去了自2024年11月特朗普连任以来 的所有涨幅。自10月初创下历史高点以来，这一数字货币已下跌超过40%。 尽管Burry发出警告，但加密货币的市场规模仍然较小，不太可能引发广泛传染。比特币市值不足1.5万 亿美元，家庭持有量有限，企业采用范围狭窄，表明任何财富效应可能保持在可控范围内。 比特币暴露投机本质，未能成为避险资产 Burry在文章中指出，比特币未能对美元疲软或地缘政治风险等典型驱动因素做出反应，而黄金和白银 ...

Core Viewpoint - Michael Burry warns that a crash in Bitcoin could trigger a $1 billion sell-off in gold and silver due to interconnected liquidity issues [1] Group 1: Bitcoin and Market Dynamics - Burry asserts that Bitcoin is a speculative asset rather than a safe-haven asset, yet there exists a "contaminated" liquidity link between Bitcoin and precious metals [1] - A significant drop in Bitcoin's price (e.g., falling to $50,000) could initiate a "collateral death spiral," forcing speculators and funds to liquidate other assets, including tokenized precious metal futures, to meet margin calls or deleverage [1] Group 2: Impact on Precious Metals - The recent pullback in gold and silver prices is partially attributed to forced liquidations stemming from declines in the cryptocurrency market [1]