Michael Burry is a renowned investor and runs many successful businesses, Scion Asset Management being the most important. Burry earned a name in the financial world for successfully predicting the 2008 financial crash. This time, he has warned people against cryptocurrency, calling it the ‘biggest bubble’ in history. He has also predicted the mother of all crashes – the cryptocurrency crash.
His arguments revolve around the lack of regulations and fixed parameters in crypto investing. He repeatedly talked about the problem of volatility in crypto and how prices can fall dramatically without any hint of foreshadowing. He added that once the meme coins start crashing, trillions of dollars would be lost to never come back. In such a situation, he believes that crypto investment should not be in anyone’s portfolio who wants to invest long-term.
Over the past few months, many top investors and financial experts have spoken against crypto. At the same time, many top investors have also spoken in favor of cryptocurrency and its successful future run. However, with things being even on both ends, new investors are having a hard time making a decision about it.
It is a confusing time for anyone going into cryptocurrency, with government regulations looming and the fear of a massive market crash. Investors like Burry believe that a crash in cryptocurrency would be a one-way street, with little to no hope of recovery. They stick with their traditional investment advice of investing in stocks and assets like gold and property.
