The “Big Short” antagonist said that Bitcoin is going to fall even lower
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Now, this is alarming
Investor Michael Burry, the man who predicted the biggest crisis of our lifetime — the 2007 mortgage crisis — thinks that the current market situation is the middle of a bearish cycle for Bitcoin.
“Adjusted for inflation, 2022 first half S&P 500 down 25-26%, and Nasdaq down 34-35%, Bitcoin down 64-65%. That was multiple compression. Next up, earnings compression. So, maybe halfway there,” said Burry. Then, he deleted his tweet.
The investor, who became the prototype for the hero of the movie “The Big Short”, believes that the first cryptocurrency will continue to fall. Reacting to this statement, a DeFi researcher under the handle FatManTerra commented:
“Some things are better left unsaid. Recommend no more news like these, for the sake of the people, our industry (and your business).”
Regarding Burry’s business, he specializes in short positions. In October 2021, he became interested in the possibility of shorting cryptocurrencies.
Burry was one of the first to predict the collapse of the US mortgage market. He bet all the money of the hedge fund he founded, Scion Capital, against CDO mortgage bonds and managed to capitalize on the crisis.
In 2010, American writer and journalist Michael Lewis wrote the book “The Big Short: Inside the Doomsday Machine”, which told a story about these events. In 2015, the movie based on this book was released. Christian Bale played the role of Burry in it.
Source: Michael Burry
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