There is a lot of money in cryptos and it is feared by experts that it is the biggest bubble ever.
One of those experts is quite famous. Namely, this is ‘Big Short’ investor Michael Burry and he says, ‘I’ve never shorted a crypto before’. And he warns of the biggest bubble. By this he means that he has never bet on a decline in a crypto. He did this during the financial crisis with currencies, among other things. This made him rich.
Crypto bubble biggest ever
Famed investor and founder of the private investment firm Scion Asset Management, Michael Burry, has confirmed on Twitter that he has never shorted any cryptocurrency. So there is still confidence in the cryptos among large investors. He is currently off Twitter, after a collision with Elon Musk.
Burry is best known for being the first investor to foresee and take advantage of the US subprime mortgage crisis between 2007 and 2010. He is profiled in “The Big Short”, a book by Michael Lewis about the mortgage crisis, which was turned into a movie starring Christian Bale. He says this is his third bubble he’s been through. And it’s the biggest ever.
crash
He previously warned against “the mother of all crashes”. If cryptos decline in value billions, the losses will approach the size of countries. This is untenable and has far-reaching consequences. He says that history has not changed and that we are living in a bubble again. And someday, it will snap.
The Big Short investor is not alone in predicting a devastating bubble. Earlier this month, billionaire investor Stan Druckenmiller said everything is in a bubble. “Crypto, meme stocks, art, wine, stocks… This bubble is in everything, every asset on the planet,” he warned. And that’s why it’s so dangerous. And we don’t know what the possible consequences are.
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