10.3 C
Manchester
February 25, 2021
Image default
Bitcoin

Michael Burry: Governments may want to “strangle” Bitcoin –

If the name Michael Burry doesn’t mean anything to you, we’ll just add “Big Short”. Yes, it’s the progenitor of one of the main characters of the famous 2008 economic crisis film. Now the famous analyst who predicted the mortgage crash warns that governments can “stifle” Bitcoin during a potential inflation crisis. He himself expects massive financial incentives from the authorities. We all must, however “Prepare for inflation.”

Michael Burry: Governments may want to destroy competition

According to the media, Burry warnedthat governments can “stifle“Bitcoin and gold to protect their own fiat currencies. Recall that today he heads the Scion Capital hedge fund and is best known for being the first investor to anticipate the US subprime mortgage crisis.

In a series of tweets, he wrote, among others: “Get ready for inflation. “ As he forecasts, the government may prepare more stimuli to stimulate the economy. But the effect will be higher inflation.

During the inflation crisis, governments intend to crush competitors in the currency arena – #BTC # gold

He explained.

Burry further explained his position on BTC:

I don’t hate BTC. However, in my opinion, the long-term future of decentralized cryptocurrencies in a world of aggressive, heartless centralized rule is questionable.

He added that governments do “Vital interests in currency monopolies.” “In the short term, however, anything is possible”, stressed. He does not invest in BTC himself.

Big Short

Burry became famous after his billion-dollar bet against the US housing bubble was described and shown in the book and movie “The Big Short.” The film was directed by Adam McKay. It featured, among others Christian Bale (as Burry), Steve Carell, Ryan Gosling and Brad Pitt.

It’s worth adding that Burry’s hedge fund owned 1.7 million Gamestop shares, but sold all of its shares in the fourth quarter of last year, just before the huge price increase driven by Wallstreetbets. According to Forbes:

Selling the stock means Burry missed the Reddit-driven 2,000 percent increase … at some point in 2021, which would have earned him over a billion dollars.

Related posts

The European Commission wants to experiment with blockchain –

Aparnna Hajirnis

The world’s most secretive Bitcoin wallet handled over R $ 5 billion

Anupreet Kaur

Large amount of Bitcoin has leaked from virtual currency exchanges since the Corona Shock in March

Aparnna Hajirnis

Leave a Comment