Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble
Michael Burry (as played by Christian Bale in The Big Short) believes bitcoin will crash. To date though, it just keeps going up.
Photo-Illustration: Konstantin Sergeyev/Intelligencer. Photos: Paramount Pictures; Getty Images
During the past year of COVID-induced market mania, cryptocurrencies have gone up so much — bitcoin is up about fivefold, while many other crypto projects are up far, far more — that even reluctant Wall Street institutions have begun to tiptoe into the arena. A blazing rally that began this month has helped bitcoin shoot up nearly 50 percent in two weeks. It was driven by various pieces of news — for instance, George Soros’s family office disclosed that it holds some — but the biggest force was the increasingly certain expectation that…