In a Substack post Monday, Burry argued that the original cryptocurrency, which has fallen 40% since peaking in October, has been exposed as a purely speculative asset, failing to take off as a debasement hedge similar to precious metals. Additional drops, he said, would push Bitcoin miners toward bankruptcy. Bitcoin has failed to respond to typical drivers like dollar weakness or geopolitical risk, unlike gold and silver which rallied to records as global tensions fueled fears about dollar debasement.