You know how Bitcoin and crypto are just 24/7/365 markets that are trading no matter what and to quote the Bankless podcast “speed running the history of finance.”
Well we may be speed running this bear market as well which is very good news for us because bear markets happen to every asset and equity under the sun and frankly it’s just better to just get through it as fast as you can and oh boy are we speed running it right now.
Like there have been 3 Bitcoin “deaths” so far this year.
The Most Famous Investing Bear Is… Bearish
Then there’s Michael Burry, the guy who was played by Christian Bale in The Big Short has a Twitter handle called Cassandra Unchained (Greek figure who told the future but nobody ever listened) which is a bit ironic for a guy who has 1.6 Million followers on Twitter, tens of thousands of subscribers here on Substack and had a major Hollywood star play him on screen.
But Burry did call The Big Short, he also had a huge stake in Gamestop even before the retail run up and predicted gold’s run up as well so he’s not a slouch in the investing department.
He also predicted that Tesla’s valuation would fall although it never did.
He also predicted the AI boom would bust and we’re still waiting on that one.
So recently Burry wrote a post about Bitcoin and warns that corporate treasuries like Strategy will face “existential crisis” and miners will go bankrupt… wait where have I seen this before?
Also yes Bitcoin miners have gone out of business every cycle BUT now they have used some of their compute for AI purposes so now they’ll probably switch over to one or the other as necessary.
Bitcoin’s trading below where many institutions entered in 2025 and the loudest bear voice in markets just re-upped his case right when everyone’s maximum scared.
In fairness to him he’s been bearish on Bitcoin since February 2021 when the price was in the $33-$35K so even with this downturn you would still be up majorly on your investment.
The Million Dollar Bitcoin thesis doesn’t require Michael Burry’s approval. It requires exactly what we’re seeing: weak hands capitulating, strong hands accumulating, and time separating conviction from speculation and allows us to create a new higher baseline for value in Bitcoin.
Here’s what it looks like in action…
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Gamestop Is Leaving Bitcoin Behind
Remember when GameStop jumped on the Bitcoin train last May?
The meme stock darling bought 4,710 BTC at an average price of $107,900. A cool $504 million bet that Bitcoin was going up.
Fast forward to last week and they moved their entire stash to Coinbase Prime.
That’s the platform you use when you’re getting ready to sell.
CEO Ryan Cohen went on CNBC Friday and didn’t even try to hide it. When asked about funding future acquisitions, he called the plan “way more compelling than Bitcoin.”
Translation: We’re dumping.
At current prices around $76,000, GameStop’s staring down a $183 million loss. That’s not a rounding error. That’s the kind of write-down that gets CFOs fired.
But let me ask you something.
GameStop bought at $107,900 and was probably hoping to get in on Strategy playbook more and get that big pop in stock price.
It was way more of a trade idea than just full on conviction which is fine if you just want to take advantage of an opportunity.
But this does sound like retail psychology playing out on a corporate balance sheet?
Because while GameStop’s heading for the exits... somebody’s on the other side of that trade. And I promise you, it’s not another company buying Bitcoin at $107,900.
This is wealth transfer 101. Weak hands to strong hands.
It’s like a 3 chord song from Elvis, same structure just the tune is played a little differently.
But we don’t think this is the end.
It’s looking more and more like this may be the middle.
The messy, uncomfortable, headline-grabbing middle where the $1M thesis gets tested and corporate treasuries with no conviction wash out and legendary investors make their bearish calls.
You think the Blackrock, Bank of America’s and Fidelity’s of this world got into Bitcoin to go to zero?
No.
They’re working. They’re rebalancing. They’re building positions while everyone else is paralyzed by fear.
The path to seven figures doesn’t run through number go up all the time.
There are moments exactly like this and it’s much better to get the whole damn thing done with.
Stay convicted,
Anthony
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