“The Big Short” investor Michael Burry asked about ways to bet against Bitcoin just before the world’s largest cryptocurrency hit a six-month high and broke the $ 60,000 mark.
“Ok, I’ve never done this before, how do you blank a cryptocurrency,” Burry said in a Wednesday tweet. “Do you need to get a loan? Is there a short discount? Can the position be squeezed and deposited? In such volatile situations, I think it’s best not to short, but I’m thinking out loud here.”
Bitcoin passed the $ 60,000 mark on Friday, its highest level since April 17th. Investors and analysts are optimistic that US regulators could give the green light to the first exchange-traded Bitcoin futures fund as early as next week. Such a move would allow mainstream investors to gain exposure to the crypto market, allowing even greater adoption of digital assets on Wall Street.
The famous investor is a vocal critic of cryptocurrencies and has problems with their wild volatility and speculative trading activities. Previously, he compared Bitcoin to the 2007 real estate bubble, which he had bet against and from which he benefited enormously.
“MSCI says a market cap of $ 7.1 trillion is tied to stocks of companies that hold cryptocurrencies. But MSCI also says that only 79 people out of 6,500 board members have crypto expertise. This is, as they say, a trait, not a bug, ”he said in a now-deleted tweet on Thursday.
Last week, Burry also called the Shiba Inu meme token “pointless”.
Burry was one of the first investors to benefit from the subprime mortgage crisis. He was featured in Michael Lewis’ book “The Big Short” and the subsequent Oscar-winning film of the same name. Burry now has approximately $ 340 million under management at Scion Asset Management.
Burry said in an email exclusively to CNBC that he is not short selling cryptocurrencies, but he believes they are in a bubble.
The investor routinely deletes his Twitter account under the handle @michaeljburry and makes it private. Last week he reactivated and published his account. In his most recent tweetstorm, he commented on a range of topics, from taxing the rich to the Federal Reserve to former President Donald Trump. It appeared that Burry deleted his account on Friday.
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