‘Large Brief’ Investor Michael Burry Not Shorting Bitcoin, Warns ‘Cryptocurrencies Are in a Bubble’ – Markets and Costs Bitcoin Information
Hedge fund manager Michael Burry, famous for his forecast of the 2008 financial crisis, has confirmed that despite all the speculation he may have, he is not short-selling any cryptocurrencies, including Bitcoin. His confirmation came after recently asking how to short crypto.
Michael Burry says he’s not short-selling cryptocurrencies
Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, confirmed to CNBC on Friday that he had not short-sold Bitcoin or other cryptocurrencies.
Burry is best known for being the first investor to foresee and benefit from the US subprime mortgage crisis that emerged between 2007 and 2010 in a film starring Christian Bale.
He told CNBC on Friday:
I haven’t sold cryptocurrencies short at all. And now I’m not … I believe that cryptocurrencies are in a bubble and that most people don’t understand that well.
Many people in the crypto community believed that Burry shorted Bitcoin when the cryptocurrency was priced at $ 30,000 after posting a BTC price chart suggesting it would be a good time to take a short position. Burry has never confirmed or denied whether he went short Bitcoin until now.
The crypto community was even more convinced that Burry was shorting or considering Bitcoin when he tweeted on Wednesday:
Ok, I’ve never done that before, how do you blank a cryptocurrency? Do you need to secure a loan? Is there a short discount? Can the position be squeezed and taken away? In such volatile situations, I think it’s best not to be too short, but I’m thinking out loud here.
When Burry tweeted on Wednesday asking about cryptocurrency short selling, Bitcoin was priced at around $ 58,000. It then skyrocketed over $ 62,000. At the time of writing, the price of BTC is $ 61,011 based on data from Bitcoin.com Markets.
Bitcoin price chart. Source: Bitcoin.com Markets
Comments flooded Twitter in response to his tweet about shorting cryptocurrencies, with many people poking fun at his crypto knowledge. Burry deleted the tweet about five minutes after posting it. While the big short investor routinely deleted his tweets, it usually wasn’t minutes after he posted them. He then deleted his entire Twitter account on Friday, which led some people to suspect that he quit Twitter because of the responses to his crypto tweet.
Trader Scott Melker, aka “The Wolf of All Streets,” commented, “Let me get this right. Michael Burry from ‘Big Short’ asked how to short Bitcoin, was destroyed by crypto-twitter and then left Twitter completely because he couldn’t handle the answers? “
Burry also recently criticized the Shiba Inu (SHIB) token after the price of the coin rose 230%.
What do you think of Michael Burry’s comments? Let us know in the comment section below.
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