'The Big Short' investor Michael Burry dismisses shiba inu coin as 'pointless' - noting the dogecoin spinoff's supply exceeds 1 quadrillion coins
Michael Burrytweeted about shiba inu, the dogecoin-inspired cryptocurrency.
The Big Short" investor dismissed the meme token, noting its supply exceeds 1 quadrillion coins.
Advertisement"Just saying, one quadrillion seconds is about 32 million years," he tweeted. "One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless."
Burry's tweet suggests he doesn't view shiba inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation.
The hedge fund manager has been ringing the alarm on
In addition, Burry questioned its long-term prospects, given the threat of government intervention. He also ridiculed
Moreover, Burry has compared the hype around bitcoin, meme stocks, and other popular assets to previous bubbles in housing and internet companies. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful."
Burry is best known for his lucrative bet against the mid-2000s housing bubble, which was immortalized in the book and movie "The Big Short."
AdvertisementHe also inadvertently paved the way for the meme-stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.
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