Multi-Talented Michael James Burry AKA Big Shot is head of Scion Asset, a physician, hedge fund manager, and investor from the United States. Michael J Burry was formerly well-known for predicting the economic collapse of the housing market in 2008. Burry has given other gloomy projections since then, including one in 2017 that predicted the global financial system will collapse. He is now warning investors against what he calls an over-leveraged “bubble” in crypto and meme stocks.
He has returned to Twitter which has now been deleted, solely to warn crypto and meme stock investors. He predicted a massive crash in the near future, around 2021.
“When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed,” he wrote, before deleting his post.
Burry’s recent tweet comes after he repeatedly stated that investors have become more greedy and, as a result, are taking on risk in order to achieve unrealistic returns. “Bulls make money, bears make money, but pigs get slaughtered.” he said.
After that Michael Burry deleted his Twitter profile again, days after warning of a massive bubble and epic market crash. However, his deleted tweets can still be found on this Twitter handle.
In a series of tweets back in March, which have also since been deleted, Burry also said, “BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history. If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”
Some say Burry’s view that the crypto markets are overleveraged and poses a serious risk to crypto investors is still important to consider.
Burry is still a favourite among meme-investors. After taking a strong view on video-game retailer GameStop Corp., he helped create the groundwork for the exploding retail craze, which saw Main Street investors outperform Wall Street hedge funds.