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Michael Burry, the fund manager who gained notoriety from The Big Short, has warned crypto investors to expect the mother of all crashes.
Burry, who is famous for betting against the US subprime mortgage market and profiting from the 2007-08 financial crisis, posted his warning in a series of tweets that have since been deleted, Bloomberg reported on Friday. His story was made famous in Michael Lewiss 2010. book The Big Short and the 2015 film adaptation of the same name. All the hype / speculation done is attracting retail before the mother of all crashes. When crypto drops to trillions or stocks of memes drop to tens of billions, #MainStreet losses will approach the size of countries. History has not changed, he wrote. The crypto problem is leverage, he said. If you don’t know what crypto leverage is, you don’t know anything about crypto no matter what else you think you know. Burry has removed Twitter posts in the past. In February, he tweeted that Tesla bought bitcoin to distract from concerns raised by Chinese regulators about quality and safety issues with its cars, before removing it. He also called bitcoin a speculative bubble, comparing it to housing in 2007 and the internet in 1999, in another tweet he quickly deleted.
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