Michael Burry, a hedge fund manager known for predicting the 2008 financial crisis, warned that the government might “squeeze” Bitcoin during the inflation crisis. He expects the government to introduce more stimulus measures to “prepare for inflation.”
Michael Burry shares his thoughts on Bitcoin
American investor Michael Burry warned that governments can “squeeze” Bitcoin and even gold to protect their currencies. Burry founded the hedge fund Scion Capital, and is known for being the first investor to foresee the US subprime mortgage crisis from 2007 to 2010 and profit from it.
In a series of tweets on Thursday night, Bury wrote: “Prepare for inflation.” He expects that as the economy tries to recover from the coronavirus pandemic, the government will take more stimulus measures to raise prices. Exacerbate inflation. He tweeted:
During the inflation crisis, the government will take action to suppress competitors in the exchange rate field. $BTC#Gold
After recording his multi-billion dollar bet on the US real estate bubble in the movie and the movie “Big Shorts,” Bury became famous. The film is directed by Adam McKay (Adam McKay), and starring Christian Bale (Christian Bale), as Bury, Steve Carell (Steve Carell), Ryan Gosling (Ryan Gosling) and cloth Brad Pitt.
In addition, his hedge fund held 1.7 million Gametop shares, but sold all shares before Wallstreetbets surged in the fourth quarter of last year. According to Forbes, “stock sales meant that Bury missed the 2,000% surge in video game retailers promoted by Reddit at some point in 2021, which would take him over $1 billion.”
Burry further clarified his position on Bitcoin in a tweet on Saturday:
I don’t hate BTC. However, in my opinion, in a legally violent, ruthless centralized government, the long-term prospects of decentralized cryptocurrency are not optimistic for the lifetime benefits of currency monopoly. In the short term, everything is possible-why don’t I short BTC.
Do you agree with Michael Burry’s views on Bitcoin? Let us know in the comments section below.
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