Billionaire The Big Short warns: ‘Cryptocurrency and stock meme craze is the mother of all crashes!’

Billionaire “The Big Short” event, Michael Burry, shared a series of tweets with content warning retail investors about the “multi-country scale” loss to the fall. decrease of cryptocurrencies and shares meme.

Burry is the chairman of Scion Asset Management, best known for his massive short selling during the 2008 financial crisis. Currently, his comments are closely watched by retail investors.

In 2019, billionaire The Big Short took an upbeat view of video game retailer GameStop, and this laid the “foundation” for the frenzy of the small investor group earlier this year. Over the past year, his views have changed and have repeatedly warned about the risks of this trend.

Sharing on Twitter in January, he said: ” If you put GameStop in the spotlight and do well, I’m really happy for you. But what is happening right now is unusual, crazy and dangerous. .”

The billionaire rarely posts on Twitter, but every time he updates, his comments cause many investors to debate. Last spring, he shared that the blockade aimed at preventing the spread of Covid-19 was even worse than the disease itself.

He often deletes tweets immediately after posting. Earlier this year, the fund manager again shared that the US Securities and Exchange Commission (SEC) had come to investigate after his controversial comments.

Not only Burry, billionaire Mark Cuban also recently issued warnings about the cryptocurrency market. The owner of the Dallas Mavericks team said on Twitter this past week that he was the one who suffered a significant loss when the DeFi Titanium token fell from $60 to 0. It is part of a stablecoin project called Iron Finance.

Speaking to Bloomberg, “shark” Mark Cuban said: “ We need regulation to define what is a stable coin and what is an acceptable collateral .”

As for Burry, he also made a bearish bet on shares of Elon Musk’s electric car company Tesla. As of March 31, Scion Asset Management holds a short position with 800,100 Tesla shares. Earlier, Burry said in a tweet that Tesla’s reliance on regulatory credits to generate profits was a threat.

Refer to Bloomberg