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Hedge fund manager Michael Burry, famous for predicting the 2008 financial crisis, believes rival dogecoin’s shiba inu token (SHIB) to be “unnecessary”, criticizing his offer. The cryptocurrency has climbed 230% over the past week.
Michael Burry shares his take on the Shiba Inu token
Renowned investor and founder of private investment firm Scion Asset Management, Michael Burry, commented on the shiba inu token (SHIB) on Saturday after rival cryptocurrency dogecoin jumped 230% over the past week.
Burry is best known for being the first investor to predict and profit from the subprime mortgage crisis in the United States that occurred between 2007 and 2010. He is featured in “The Big Short”, a book by Michael Lewis on the mortgage crisis, which was made into a movie starring Christian Bale.
Investor Big Short shared Coinbase’s description of the shiba inu token on Twitter on Saturday, which states: “Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE), the same popular coin. Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant – with a circulating supply of a quadrillion. “
Commenting on this description, Burry wrote:
I’m just saying that a quadrillion seconds equals about 32 million years. A quadrillion days is 2.7 trillion years, or all the time since the universe began, multiplied by 71,000. In other words, useless.
However, several people were quick to point out to Burry on Twitter that SHIB’s outstanding supply is no longer a quadrillion. Coinbase market data shows that the circulating supply of the shiba inu token is currently 394.8 trillion coins.
The Shiba Token website explains, “Starting with a 1 quadrillion supply, our founder, Ryoshi, locked 50% in Uniswap, then ‘burned’ the other half to Ethereum co-founder Vitalik Buterin for the keep. The Shiba inu token caught on when Buterin donated $ 1 billion from SHIB to the Indian crypto-covid relief fund.
At the time of writing, SHIB is up 235% in the past week and 6.76% in the past 24 hours, according to data from Coinbase. The cryptocurrency is trading at $ 0.00002649 and its market cap is $ 10.3 billion.
Coinbase Pro announced the listing of the crypto shiba inu in June. In September, the Nasdaq-listed crypto exchange announced that SHIB was available on Coinbase.com and in the Coinbase Android and iOS apps.
Burry cautioned against investing in cryptocurrencies. In June, he predicted the “mother of all crashes,” noting that “the problem with crypto, as with most things, is leverage.”
Investor Big Short also warned that governments could crush competitors in the currency arena, including bitcoin. However, he clarified: “I don’t hate BTC”, stressing that he is “not short of BTC” because “in the short term anything is possible”.
What do you think of Michael Burry’s comments? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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