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Investor Michael Burry not shorting crypto currencies

written by Bella Palmer
crypto-currencies

Many people in the crypto community believed that Burry shorted bitcoin when the price of the crypto currency was $30K

Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, confirmed to CNBC Friday that he has not been shorting bitcoin or other crypto currencies.

Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis.

He told CNBC Friday: I’ve not been shorting crypto currencies at all. And I’m not now. I believe that crypto currencies are in a bubble and that most in it do not understand it well.

Many people in the crypto community believed that Burry shorted bitcoin when the price of the crypto currency was $30K after he posted a BTC price chart suggesting that it would be a good time to short. Burry never confirmed or denied whether he shorted bitcoin until now.

The crypto community became even more convinced that Burry was shorting bitcoin or was considering doing so when he tweeted Wednesday: Ok, I haven’t done this before, how do you short a crypto currency? Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think it’s best not to short, but I’m thinking out loud here.

When Burry tweeted asking about shorting crypto currencies Wednesday, the price of bitcoin was around $58K. It then shot up past $62K.

Comments flooded Twitter in response to his tweet about shorting crypto currencies with many people mocking his knowledge of crypto. Burry deleted the tweet about five minutes after posting it.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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