Michael Burry, the famous “The Big Short” investor, known for being one of the first to speculate on the looming subprime crisis, is not a fan of the shiba inu token. He rejected the dogecoin-inspired cryptocurrency, the price of which has more than tripled over the past week because there are too many units in circulation.
The head of Scion Asset Management shared the Coinbase site’s description of the token in a tweet, since it was removed, noting that its supply exceeded a quadrillion units. “Just to say, a quadrillion seconds is roughly 32 million years,” he tweeted. “A quadrillion days is 2.7 trillion years, or ALL THE TIME, from the beginning of the universe, multiplied by 71,000. In other words, useless,” said Michael Burry to figure out his point.
Also read – Shiba inu crypto valued at $ 12 billion in just 14 months
His tweet suggests that he does not see the shiba inu as a worthwhile investment, as the sheer number of existing units limits the possible appreciation of their price.
The hedge fund manager has sounded the alarm on cryptocurrencies this year. He described bitcoin as a “speculative bubble” fueled by huge amounts of leverage. Additionally, Michael Burry questioned the long-term prospects for the digital currency, given the threat of government intervention. He also ridiculed dogecoin, which reached an all-time high, calling it a “doge breakfast.”
Additionally, the head of Scion Asset Management compared the hype around bitcoin, “meme” stocks, and other popular assets to earlier bubbles in real estate and internet companies. He warned that they have been “carried by speculative fervor to insane heights whose decline will be dramatic and painful.”
Michael Burry is best known for his lucrative bid against the housing bubble of the mid-2000s, which was immortalized in the book and movie “The Big Short.” Inadvertently, he also paved the way for this year’s “meme stocks” boom by investing in GameStop in 2019. And his latest portfolio update showed he was betting against Elon Musk’s Tesla and Cathie Wood’s Ark Invest.
Original version: Theron Mohamed / Insider
Also Read: A Hamster Cryptocurrency Trader Does It Better Than The S&P 500
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