Renowned Investor Michael Burry Not Shorting Bitcoin, Warns ‘Cryptocurrencies Are in a Bubble’

Michael Burry has said that he hasnt been shorting cryptocurrencies including bitcoin despite wide speculations within the crypto community that he might have
Michael Burry has said that he hasnt been shorting cryptocurrencies including bitcoin despite wide speculations within the crypto community that he might have

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Hedge fund manager Michael Burry, well known for predicting the financial crisis of 2008, has said that he hasn’t been shorting cryptocurrencies, including bitcoin, despite speculations that he might have. The speculations were however put to bed following his recent question on how to short crypto.

Michael Burry Confirms He Is Not Shorting Cryptocurrencies

Michael Burry, the founder of Scion Asset Management investment firm has said to CNBC on Friday that he’s not one of those that has been shorting Bitcoin or any other cryptocurrencies.

Burry is a famous investor, and is mostly known for being the first investor to correctly forecast and even profit from the U.S. subprime mortgage crisis between 2007 and 2010. His prediction earned him a profiling in “The Big Short,” a book about the crisis that was authored by Michael Lewis, and was later made into a movie starring Christian Bale.

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Speaking to CNBC, he confirms he’s not been shorting anything crypto at all, and says he’s also not doing it now either. Burry then added that he’s of the opinion that cryptocurrencies are in a bubble and that most people in it do not even have a clear understanding of it.

It is almost common public belief that Burry shorted Bitcoin as at the time the price of BTC was $30K. The beliefs came after the investor posted a BTC price chart suggesting that it would be a great time to short. But all through the speculations, Burry never confirmed or denied whether he shorted bitcoin, at least until now.

What may even be fueling the crypto community’s speculations about Burry shorting bitcoin or that he may be considering doing so was his Wednesday tweet. In the tweet, he posted a series of questions, claiming he has never done it before and asking how to go about shorting a cryptocurrency.

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When Burry tweeted asking about shorting cryptocurrencies Wednesday, the price of bitcoin was around $58K. It then shot up past $62K. At the time of writing, the price of BTC is $62,345 based on data from TheCoinrise.

 

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