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Michael Burry tweeted about shiba inu, the dogecoin-inspired cryptocurrency.
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Investor “The Big Short” rejected the same token, noting that its bid exceeds 1 quadrillion coins.
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Burry cautioned against buying crypto, calling bitcoin a debt-fueled speculative bubble.
Michael Burry, the investor of “The Big Short” celebrity, is not a fan of shiba inu. He rejected the dogecoin-inspired cryptocurrency, which has more than tripled in price over the past week because there are too many coins in circulation.
The Scion Asset Management boss shared Coinbase’s description of the meme token in a now-deleted tweet, pointing out that its supply exceeds a quadrillion coins.
“I’m just saying that a quadrillion seconds equals about 32 million years,” he tweeted. “One quadrillion days is 2.7 trillion years, or ALL THE TIME, since the universe began, multiplied by 71,000. In other words, unnecessary.”
Burry’s tweet suggests that he doesn’t view the shiba inu as a compelling investment, as the large amount of coins in existence limits his possible price appreciation.
The hedge fund manager has sounded the alarm on crypto this year. He described bitcoin as a “speculative bubble” fueled by huge amounts of leverage.
Additionally, Burry questioned his long-term outlook, given the threat of government intervention. He also ridiculed the soaring rise of dogecoin at an all-time high, calling it “doge’s breakfast”.
Additionally, Burry compared the hype around bitcoin, memes stocks, and other popular assets to previous bubbles in real estate companies and the internet. He warned that they had been “driven by speculative fervor to insane heights whose fall would be dramatic and painful.”
Burry is best known for his lucrative bet against the mid-2000s real estate bubble, immortalized in the book and movie “The Big Short”.
He also inadvertently paved the way for the memes stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was betting against Elon Musk’s Tesla and Cathie Wood’s Ark Invest.
Read the original article on Business Insider
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