Michael Burry (hedge fund manager), is known for his prediction of the 2008 financial crises. The current bubble, he warned, is the most dangerous.
Michael Burry on Bubbles & Shorting Cryptocurrencies
Michael Burry is a famous investor who founded private investment firm Scion Asset Management. He has also confirmed via Twitter that he has not shorted cryptocurrency.
Burry is well known as the investor who was the first to see and make a profit during the subprime mortgage crisis in the United States. It occurred between 2007-2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
He tweets Sunday
I’ve never shorted any cryptocurrency. This is my third largest bubble. I’ve learned a thing or two. 30 year Treasuries on the other hand…
In October, he said, “I believe that cryptocurrencies are in a bubble.” However, he clarified in an interview with CNBC that he had not been shorting cryptocurrencies despite tweeting about how to short them.
“How do you short a cryptocurrency? Is it necessary to borrow money? Do you have a rebate for borrowers? The position can be squeezed, and the call-in made. In such volatile situations, I tend to think it’s best not to short, but I’m thinking out loud here,” He wrote.
In June, Burry warned of “the mother of all crashes.” He described at the time, “When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History ain’t changed.”
Not only is the Big Short investor predicting a catastrophic bubble, Stan Druckenmiller, a billionaire investor said earlier this month that everyone is in a bubble. “Crypto, meme stocks, art, wine, equities … This bubble is in everything, every asset on the planet,” he cautioned.
Robert Kiyosaki, author of Rich Dad Poor Dad has warned repeatedly about a coming crash. End of October, Robert Kiyosaki predicted a huge crash, which would be followed by another depression. Investors should buy bitcoin, gold, and silver.
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