Big Short” Investor Michael Burry, Not Shorting Bitcoin, Warns Cryptocurrencies Are in a Bubble” – Markets and Prices

Hedge fund manager Michael Burry, famous for his predictions on the 2008 financial crisis, has confirmed that he is not shorting cryptocurrencies, including Bitcoin, despite any speculation he may have. His confirmation came after he recently asked how to short crypto.

Michael Burry says he is not shorting cryptocurrencies

Famed investor and founder of private investment firm Scion Asset Management, Michael Burry, confirmed to CNBC on Friday that he has not shorted Bitcoin or other cryptocurrencies.

Burry is best known for being the first investor to foresee and profit from the US subprime mortgage crisis that occurred between 2007 and 2010, in a film starring Christian Bale.

He told CNBC on Friday:

I have not shorted cryptocurrencies at all. And now I'm not... I believe that cryptocurrencies are in a bubble and that most people don't understand it well.

Many people in the crypto community believed that Burry shorted Bitcoin when the price of the cryptocurrency was $30,000 after a had published BTC Price chart suggesting it would be a good time to take a short position. Burry has never confirmed or denied whether he went short Bitcoin until now.

The crypto community became even more convinced that Burry is shorting Bitcoin or considering it when he tweeted on Wednesday:

Ok, I've never done this before, how do you short a cryptocurrency? Do you need to secure a loan? Is there a short discount? Can the position be squeezed and dragged? In such volatile situations I tend to think it's best not to short, but I'm thinking out loud here.

When Burry asked about shorting cryptocurrencies on Twitter on Wednesday, Bitcoin was priced at around $58,000. It then skyrocketed to over $62,000. At the time of writing the price is from BTC is $61,011 based on data from Bitcoin.com Markets.

Comments flooded Twitter in response to his tweet about shorting cryptocurrencies, with many people mocking his knowledge of crypto. Burry deleted the tweet about five minutes after posting it. While the big short investor routinely deleted his tweets, it usually took less than minutes after he posted them. He then deleted his entire Twitter account on Friday, leading some people to suspect that he left Twitter due to the replies to his crypto tweet.

Dealer Scott Melker, aka “ The wolf of all streets ", commented: "Let me get this straight. Michael Burry from 'Big Short' asked how to short Bitcoin, got destroyed by crypto Twitter, then quit Twitter entirely because he couldn't handle the answers?"

Burry recently too criticized the Shiba Inu (SHIB) token rose 230% after the price of the coin.

What do you think of Michael Burry's comments? Let us know in the comments section below.

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