Hedge fund manager Michael Burry, known for predicting the 2008 financial crisis, says he has never played a short position on any cryptocurrency. He further warned that the current bubble is the biggest.
Burry is best known for being the first investor to predict and profit from the US mortgage crisis, which took place between 2007 and 2010, and is featured in The Big Short, Michael Lewis’ book about the mortgage crisis, which was made into a film starring Christian Bale.
He tweeted on Sunday:
“I have never played short on any cryptocurrency. This is my third bubble and the biggest. I learned a few things.”
In October, he said: “I believe cryptocurrencies are in a bubble.” However, he clarified in an interview with CNBC that he had not played short on cryptocurrencies, despite tweeting about how to do so.
In June, Burry warned of the “mother of all bubbles”. He described at the time: “When cryptocurrencies fall from trillions or memcoins fall from tens of billions of dollars, the losses will be counted in trillions of dollars. The story hasn’t changed.”
The Big Short investor is not the only one predicting a devastating bubble. Earlier this month, billionaire investor Stan Druckenmiller said everything is in a bubble. “Crypto, art, wine, stocks… This bubble is in everything, every asset in the world,” – he warned.
Meanwhile, Robert Kiyosaki, author of “Rich Father, Poor Father”, has repeatedly warned of impending disaster. At the end of October, he predicted that a gigantic crash was coming, followed by a new depression. He recommends investors to buy gold, silver and Bitcoin.
18-11-2021, Mr Advice TEAM