Michael Burry, who predicted the housing crisis of 2008 and is now the founder of Scion Capital, made a number of cryptocurrency predictions. Burry is also known in the crypto space for his previous criticism of cryptocurrencies such as SHIB. Here are the details…
Michael Burry touches on Coinbase and SEC fight
Michael Burry started his crypto commentary with some harsh words for the US Securities and Exchange Commission (SEC). Responding to a Bloomberg article on the SEC’s Coinbase investigation, Burry stated that the U.S. Securities and Exchange Commission does not have the resources to perform well in its investigations. As we reported on Kriptokoin.com, the SEC recently launched an investigation against Coinbase about insider trading in their companies. It was also alleged that they listed tokens that the SEC believed to be securities. The SEC then came under intense scrutiny by crypto leaders and politicians alike. Pennsylvania senator Pat Toomey said the SEC does not have a clear view of what the security is.
fired at the US administration
Michael Burry did not stop his comment on Coinbase. He also commented on Walmart’s triumph in predicting profit hits. Burry had predicted that high oil and food prices would reduce consumers’ ability to purchase other goods. He also predicted that retail giants could mix the impact with inflation, causing inventory stockpile. Other retail companies are expected to lower prices to get rid of their stocks.
Burry also fired at the Biden Administration for trying to change the definition of recession. Recently, the White House issued a statement in which they stated that the belief that a long-standing recession was two consecutive negative GDP growths was false. President Joe Biden and Treasury Secretary Janet Yellen also reiterated that the US will not suffer from inflation. However, this has sparked widespread criticism against the Biden presidency. Some people believe that the White House is already aware of the GDP figures and is trying to do damage control.
Michael Burry’s cryptocurrency predictions
Burry also made another crypto prediction and believes we are only halfway through the crypto decline. According to him, there is a strong correlation between crypto and tech stocks, and earnings reports from various companies could cause stocks and crypto to fall further. As we reported as Kriptokoin.com, Burry criticized meme coins such as Dogecoin (DOGE) and Shiba INU (SHIB). He claimed that these cryptocurrencies were meaningless.
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