'Big Short' investor Michael Burry teases a bet against crypto - and warns market speculation has reached historic levels
Michael Burryis considering placing a wager against cryptocurrencies.
The Big Short" investor asked on Twitter how he could bet against the digital coins.
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Michael Burry, who made his name and fortune by betting against the housing bubble, has set his sights on a new target: cryptocurrencies.
"Ok, I haven't done this before, how do you short a cryptocurrency?" he said in a now-deleted tweet this week. "Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in?"
Burry, whose massive wager against subprime mortgages was immortalized in the book and the movie "The Big Short," emphasized that he was only considering taking a position against
"In such volatile situations, I tend to think it's best not to short, but I'm thinking out loud here," he tweeted.
"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."
"But it's breathtaking, this religion of real and fake people," he continued. "The speculation probably tops anything in history."
Burry has repeatedly criticized crypto this year. He's dismissed
The fund manager also compared the excitement around bitcoin,
Besides his housing bet, Burry is known for investing in GameStop and inadvertently paving the way for the short squeeze on the stock in January, as well as the broader meme-stock frenzy this year. Notably, Burry's latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.
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