The value of Bitcoin has reached unsustainable levels and buyers have taken on harmful debts, Michael Burry warned in a recent tweet.
“$ BTC is a speculative bubble that presents more threat than opportunity, top supporters are right in their arguments as to why it is applicable at this point in history,” the investor wrote before erasing the tweet as usual.
Burry is known for his billion-dollar bet on a real estate market collapse in the mid-2000s, recounted in the e-book and the film “The Big Short. “
The head of Scion Asset Management talked about bitcoin, electric vehicles, software-as-a-service corporations and “even shares” like GameStop and AMC with genuine real estate bubbles and dotcom in a tweet saturday.
“Today’s modes (#BTC, #EV, SAAS #memestocks) are like housing in 2007 and fiber/. com/com/in 1999,” he said.
The massive hum is completely unfounded, Burry said, but he doesn’t expect it to last.
Burry doubled his bearish stance on tweets last week.
“Those who say Munger, Singer, I are so disconnected, is not that we’ve noticed all this before, not once,” he said, referring to the recent market hypothesis warnings of Charlie Munger, Warren Buffett’s commercial spouse, and the hedge fund. billionaire Paul Singer.
“The market is dancing on the rope of a knife, ” he said in a tweet.
Burry said in February that he did “hate” Bitcoin, but that he had doubts about his long-term prospects. He expects the government to weigh threats to its currencies and release its own banks and virtual currencies.
Chief Scion added that he is not short of bitcoins because “anything is possible” in the near future. It sold Tesla in December and charged its GameStop percentages last quarter after laying the groundwork for GameStop’s percentage value in January.