Bitcoin (BTC-USD) briefly dipped below $70,000 per token on Thursday after Treasury Secretary Scott Bessent suggested the US government would not bail out the cryptocurrency.
The decline was also fueled by the broader selling pressure in markets and a warning from notable investor Michael Burry that a sustained decline in bitcoin’s price could “set in motion a death spiral leading to massive value destruction.”
“Bitcoin has been exposed as a purely speculative asset, and is not near the debasement trade hedge that gold and other precious metals are,” Burry, who rose to prominence after predicting the 2008 financial crisis, wrote in his Substack.
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