“Big Short” investor Michael Burry warned that Bitcoin (CRYPTO: BTC) has been exposed as purely speculative with “no organic use case reason to slow or stop its descent,” as BTC wiped out all post-election gains.

Burry’s Cascade Warning

Burry argued on Monday that Bitcoin failed to establish itself as a debasement hedge similar to precious metals, contradicting the argument that its fixed supply makes it comparable to gold.

“Sickening scenarios have now come within reach,” Burry wrote, warning that if Bitcoin falls another 10% from Monday’s levels, Strategy (NASDAQ:MSTR) will be billions in the red with capital markets essentially closed.

Unlike gold and silver, which surged…

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