Bitcoin: The Modern Folly of Financial Foppery! 🌷💸

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Pray, allow me to present the latest tirade from Mr. Michael Burry, a gentleman whose wit is as sharp as his disdain for the modern contrivance known as Bitcoin. With a flourish, he declares it “the tulip bulb of our age,” a phrase so laden with disdain, one might imagine him brandishing a fan in disapproval. Speaking on Mr. Michael Lewis’s “Against the Rules: The Big Short Companion” podcast, released on the second of December, Mr. Burry expressed his astonishment at the financial world’s acceptance of such absurd valuations. 🧐✨

Burry’s Revived Comparisons: Tulips and Tokens

“Good heavens, Bitcoin at £100,000!” he exclaimed, as if the very notion were a scandalous whisper at a ball. “Sensible persons are now seen on the television, discussing it with such nonchalance: ‘It is at £100,000, now fallen to £98,000.’ But pray, what is it truly worth? Nothing, I say! The world has embraced this folly, a tulip bulb reborn, yet worse, for it has become a conduit for all manner of nefarious deeds.” 🌷🔍

This exchange was prompted when Mr. Lewis inquired whether Mr. Burry’s “institutional pessimism” might lead him to seek refuge in such novelties as Bitcoin or gold. Mr. Burry, with a firmness that brooked no argument, rejected Bitcoin outright. “Gold, sir, I have held since 2005,” he declared, drawing a line as clear as a well-drawn carriage path. In his view, Bitcoin is no “digital gold” but a speculative token, its value resting on the fickle sands of social consensus and leverage, all while facilitating illicit activities rather than productive endeavors. 🏛️⚖️

Mr. Burry’s critique is but a chapter in his broader lament that the markets are once more ensnared in a bubble, driven by narrative and cheap money rather than sound fundamentals. Yet, he does not present himself as a trader seeking to profit from Bitcoin’s decline. Rather, Bitcoin stands as Exhibit A in his argument that the system has ceased to question intrinsic worth, instead extrapolating price and story with abandon. 📈🤦‍♂️

Burry’s Long-Standing Disdain for Crypto Foppery

This podcast marks but the latest installment in Mr. Burry’s long-standing skepticism of Bitcoin. In late February 2021, as BTC approached its then-record heights, he tweeted, “BTC is a speculative bubble, offering more peril than promise, despite its proponents’ arguments for its relevance.” He warned of hidden leverage, adding, “If you are unaware of the extent of leverage in its rise, you may not be sufficiently informed to own it.” 📉💬

By June 2021, as meme stocks and cryptocurrencies surged in tandem, Mr. Burry broadened his critique. He described the environment as “the greatest speculative bubble of all time, by two orders of magnitude,” and cautioned that “all this hype is but a lure for the unsuspecting retail investor before the mother of all crashes,” explicitly including cryptocurrencies in his warning. 🌪️🚨

Today’s “tulip bulb” broadside on Mr. Lewis’s podcast is not a new stance but the culmination of his trajectory: from labeling Bitcoin a leveraged “speculative bubble” in early 2021 to declaring in 2025 that, at such levels, it is simply “not worth anything” at all. At the time of this writing, BTC trades at £93,226, a figure that no doubt elicits a sigh of exasperation from Mr. Burry. 💷😒

Bitcoin Price Chart

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2025-12-03 15:13