Michael Burry, who rose to prominence for his wager against the US housing market ahead of the 2008 financial crisis, warned that Bitcoin’s plunge could deepen into a self-reinforcing “death spiral,” inflicting lasting damage on companies that have spent the past year stockpiling the token. 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 simila ...