Feb 22, 2021 07:00 UTC
Feb 22, 2021 at 07:00 UTC
Michael Burry Hedge fund manager, well-known for predicting the 2008 financial emergency, has cautioned that governments might ‘squash’ BTC in an inflationary crisis. Expectant more huge incentive from the government, he held to ‘prepare for inflation.’
Michael Burry Shares His Opinion on BTC
Michael Burry American investor has advised that governments might ‘squash’ BTC & even gold to defend their individual currencies. Burry originated hedge fund Scion Capital & is best recognized for being the 1st investor to predict & profit from the U.S. subprime mortgage crisis that happened between 2007 & 2010.
In a sequence of tweets Thursday night, Burry inscribed, ‘Prepare for inflation.’ He imagines more incentive from the government to energy up prices, fuelling inflation, as the economy stabs to recover from the coronavirus pandemic. He tweeted:
In an inflationary crisis, governments will change to squash competitors in the currency pitch.
Burry became well-known after his billion-dollar bet in contradiction of the U.S. housing bubble was chronicled in the book & movie ‘The Big Short.’ The film was directed by Adam McKay & featured Christian Bale as Burry, Ryan Gosling, Steve Carell, & Brad Pitt.
In adding, his hedgerow fund was holding 1.7M Gamestop shares but vended all of its holdings in the 4th quarter of previous year, before the huge surge fuelled by Wallstreetbets. Rendering to Forbes, ‘The stock sales nasty Burry missed out on a Reddit-fueled 2,000% surge in the video game retailer at 1 point in 2021, which would have made him over $1 billion.’
Burry more elucidated his posture on BTC in a tweet Saturday:
I do not hate BTC. Though, in my opinion, the long term future is weak for decentralized crypto in a world of lawfully violent, callous centralized governments with lifeblood interests in controls on currencies. In the small run anything is likely – why I am not short Bitcoin.