Michael Burry teases a bet against cryptocurrency — and warns that market speculation has hit unprecedented highs

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Michael Burry, who built a reputation by betting against the housing boom, has now turned his attention to digital currencies.

Ok, I haven’t done this before, how do you short a cryptocurrency?” he stated in a deleted tweet. “Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in?”

Burry, whose huge bet on subprime mortgages was immortalized in the book and film “The Big Short,” stressed that he was just exploring a crypto stake.

In such volatile situations, I tend to think it’s best not to short, but I’m thinking out loud here,” he tweeted.

Scion Asset Management’s CEO, who deletes his tweets regularly, recently restricted his Twitter profile to new users. He mentioned the army of meme-stock and cryptocurrency fanatics and bots that commented on his tweets to spark attention.

Crypto/Meme bots and pumpers reply to big accounts in huge numbers for the promotion,” Burry tweeted. “Deleting tweets knocks it back. Going Private allows tools to discourage them.”

Cryptocurrency Là Gì? Kiến Thức Tổng Hợp Cho Người Mới Bắt Đầu

But it’s breathtaking, this religion of real and fake people,” he added. “The speculation probably tops anything in history.”

Burry has been a vocal opponent of cryptocurrency this year. He’s called Shiba Inu coin pointless, mocked the price of dogecoin, and cautioned that bitcoin is a speculative bubble driven by massive levels of leverage and subject to government intervention.

According to the fund manager, the enthusiasm surrounding bitcoin, meme stocks, and other popular assets has been likened to the mid-2000s housing boom and the dot-com bubble. However, he cautioned that they’d been pushed to crazy heights by speculative zeal, from which the collapse will be spectacular and terrible.

Burry is also renowned for investing in GameStop and unwittingly laying the way for the stock’s January short squeeze and the larger meme-stock craze this year. Burry’s most recent investment report revealed that he was betting against Tesla and Cathie Wood’s Ark Invest.

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