Friday, September 30, 2022
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Michael Burry: “Governments can’t crush Bitcoin”

Renowned investor Michael Burry explained on his Twitter profile that governments could “crush” Bitcoin and even gold in order to protect fiat currencies.

This would take place in a war on inflation, with various stimuli from governments to increase incentives to get the economy moving again.

“Re-opening & stimulus on the way. Pre-COVID it took $3 debt to create $1 GDP, and it is worse now. In an inflationary crisis, governments will move to squash competitors in the currency arena. $BTC #gold”.

In reality, this might not be true given that the very fear of high inflation, and thus the devaluation of the dollar due to the FED’s decision to print millions of new dollars out of thin air, are among the reasons why people are using more and more Bitcoin to protect themselves against it.

And it’s not the first time this has happened either, as the same is happening in Venezuela due to the bolivar’s extremely high inflation. The same thing happened in Argentina and many other countries, so it would actually be just the opposite of what Burry claims.

And perhaps that is also why Burry, having realized his mistake, later deleted the tweet.

By the way, in countries where Bitcoin is not legal or where regulation is unclear – see India and Nigeria – the population simply finds new ways to buy cryptocurrencies anyway, as shown by Statista‘s data.

Micheal Burry doesn’t hate Bitcoin

Furthermore, Burry wrote that he doesn’t hate Bitcoin but that in the long term, decentralization of cryptocurrencies will not survive in a violent and heartless world:

“I don’t hate BTC. However, in my view, the long term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies. In the short run anything is possible – why I am not short BTC”.

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