Michael Burry, the investor famed for predicting the 2008 financial crisis, has renewed his sharp criticism of Bitcoin, declaring the cryptocurrency is “worth nothing.” He argues its ascent to high valuations represents a speculative bubble unsupported by any quantifiable fundamentals.

Speaking on Michael Lewis’s “Against the Rules” podcast, Burry noted that the widespread acceptance of Bitcoin’s price demonstrates market behavior consistent with speculative manias of the past. Despite his critical stance and the ongoing debate over its intrinsic value, the digital asset continues to attract both institutional and retail investment amid significant market volatility.

From Crypto to a Wider Market Collapse

Burry’s concerns aren’t limited to the cryptocurrency market. He extended his warning to equities, stating, “I think that we are in a bad situation in the stock market. I think the stock market could be in for a number of bad years.”

He told Lewis that a combination of concentrated capital and inflated valuations has dangerously undermined price discovery, creating the conditions for an unusually broad market crash. Burry argued that the market’s passive investment structure would amplify the fallout, causing most assets to fall in unison. In such a scenario, he concluded, it would be difficult “to be long anything and be safe.”

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