Famous trader and founder of the private investment group Scion Asset Management, Michael Burry, gave his view recently about where he thinks markets are going.

Burry is best known as being the first financial expert to predict and make money from the U.S. subprime mortgage crash that happened through 2007 and 2010. He is shown in the “The Big Short,” a book written Michael Lewis about the mortgage crash, which was then turned into a movie with Christian Bale playing the role of Michael Burry.

Burry tweeted recently:

“All this hype is doing is attracting in retail investors right before the mother of all crashes. After crypto drops from trillions, or meme stocks collapse from billions, normal people will lose the money that amounts to the size of nation states. History is not changing.”

He also spoke about cryptocurrency, saying that “The issue with crypto, as in most assets, is the leverage.” The famed investor continued, “If you don’t understand how much leverage is inside crypto, you don’t know a thing about it, no matter what else you believe you know.”

Burry then stated that he does not hate bitcoin but is worried about the government cracking down on the digital currency. He warned back in February that “In inflationary crisis times, governments will always move to destroy competitors in the currency sector.”

While saying, “I don’t hate Bitcoin., Burry also said in his opinion, “the long term is tenuous for crypto in a world of heartless and violent centralized governments with lifeblood monopolies on currencies.” Nonetheless, he said he was not shorting bitcoin because “In the short term anything is possible.”

Burry is not the only person predicting a crash. Last week, famous financial author Robert Kiyosaki said that the “Largest bubble in our history is getting bigger., warning that the “Largest crash ever” is coming soon. The Rich Dad, Poor Dad author says he expects the price of bitcoin to go down to the $24K area where he will invest in some more of the cryptocurrency.

Author: Steven Sinclaire

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