Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has confirmed that he has not been shorting cryptocurrencies, including bitcoin, despite speculations that he may have. His confirmation came after he recently asked how to short crypto.

Michael Burry Says He Is Not Shorting Cryptocurrencies

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 cryptocurrencies.

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, which was made into a movie starring Christian Bale.

He told CNBC Friday:

I’ve not been shorting cryptocurrencies at all. And I’m not now … I believe that cryptocurrencies 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 cryptocurrency 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 cryptocurrency? 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 cryptocurrencies Wednesday, the price of bitcoin was around $58K. It then shot up past $62K. At the time of writing, the price of BTC is $61,011 based on data from Bitcoin.com Markets.

Comments flooded Twitter in response to his tweet about shorting cryptocurrencies with many people mocking his knowledge of crypto. Burry deleted the tweet about five minutes after posting it. While the Big Short investor routinely deleted his tweets, it was not usually minutes after posting them. He then deleted his entire Twitter account Friday, causing some people to suspect that he quit Twitter because of the responses he got from his crypto tweet.

Trader Scott Melker, aka “The Wolf of All Streets,” commented: “Let me get this right. Michael Burry of ‘Big Short’ fame asked how to short bitcoin, was destroyed by crypto Twitter and then rage quit Twitter entirely because he couldn’t deal with the responses?”

Burry also recently criticized the shiba inu (SHIB) token after the price of the coin soared 230%.

What do you think about Michael Burry’s comments? Let us know in the comments section below.

Bitcoin News
Markets and Prices, big short bitcoin, big short cryptocurrencies, big short investor, michael burry, michael burry bitcoin, michael burry crypto, michael burry cryptocurrency, michael burry rage quit, not short bitcoin, not short cryptocurrencies, quit twitter, short bitcoin $30K

shutterstock 1930096286 E70I5D

Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC

The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira ...
Read More
shutterstock 1254046900 AvhSW0

Study Finds Most Popular Cryptocurrencies With Russian Social Media Users

In a year with rising crypto prices, online chatter devoted to cryptocurrencies has increased significantly. Research carried out on Russian social media has identified the most talked about coins and ...
Read More
shutterstock 1018406887 ENtmd6

Immersion Cooling Gets Attention From Miners Wanting to Squeeze More Power Out of Equipment

Bitcoin mining companies are now increasingly experimenting with immersion cooling, a form of cooling that allows them to get more hashpower out of existing miners. According to industry insiders, this ...
Read More
zztoppp777890 lNjZXt

Political Cartoonist Accuses NFT Platforms Opensea, Rarible of Being ‘Tools for Political Censorship’

While non-fungibe token (NFT) collectibles have been very popular, NFTs have brought a slew of unique debates to the table and one of them has been censorship. The artist behind ...
Read More
photo 2021 11 28 22 30 35 nPUrIs

Study: 8.3% of Polled South Africans Own NFTs, a Further 9.4% Plan to Buy

About 8.3% of polled South African internet users own NFTs while a further 9.4% said they plan to acquire such tokens in the future, a study has found. Twelfth-Highest NFT ...
Read More
Share with Others