According to a recent interview with Yahoo! Finance, Michael Lewis, the American novelist and financial journalist behind “Moneyball” and “The Big Short,” believes bitcoin will “fall down.”
According to Lewis, Bitcoin is essentially a faith-based asset that may not be viable in the long run. Nonetheless, he considers cryptocurrencies to be “more egalitarian” than traditional finance. The author claims that the cryptocurrency market is “more equitable” than the stock market since retail traders deal directly with bitcoin exchanges without a middleman.
He also lauded the decentralised finance sector, claiming that it had the capacity to overhaul the existing financial system. According to Lewis, if cryptocurrencies continue to exist for a long time, they could pose a severe danger to the present financial order.
After publishing “The Big Short” in 2010, Lewis became well-known. The factual book, which inspired Adam McKay’s successful film starring Christian Bale, Brad Pitt, and Ryan Gosling, told the experiences of foresighted investors who bet against the housing market on the verge of a financial disaster.
The story’s main character, Scion Capital CEO Michael Burry, has consistently slammed the bitcoin market, forecasting “the mother of all crashes” in June. In October, the same investor who foresaw the subprime mortgage crisis called Dogecoin competitor Shiba Inu “pointless.”
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