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Mike Burry, who developed the 2008 financial crisis forecast, warns governments may “squash” bitcoin in a situation of inflation. He said “prepare for inflation” because he expected the government to continue providing massive stimulus.
Michael Burry Shares His View on Bitcoin
American investor Michael Burry has warned that governments could “squash” bitcoin and even gold to protect their own currencies. Burry founded hedge fund Scion Capital and is known as the first investor to predict and profit from the U.S. subprime mortgage crisis between 2007 and 2010.
“Prepare for inflation,” wrote Burry in a series of tweets Thursday night. In addition to further government stimulus, he expects prices to rise, fueling price inflation, as the economy recovers from the coronavirus pandemic. It is a known fact that governments will aim to squash competitors in the currency market during inflationary crises.
In an inflationary crisis, governments will move to squash competitors in the currency arena. $BTC #gold
Burry became famous after his billion-dollar bet against the U.S. housing bubble was chronicled in the book and movie “The Big Short.” The hedge fund held 1.7 million Gamestop shares, but sold all of them before the massive rise attributed to Wallstreetbets in the fourth quarter of last year.
Forbes reports that the stock sales mean Burry missed out on a 2000% market spike due to Reddit, which would have made him over $1 billion by 2021. A tweet from Burry further clarified his views on bitcoin: "I don't hate Bitcoin."
In my view, however, the long term prospects of decentralized crypto are uncertain in a world where violent, heartless centralized governments with monopolistic interests in currency are commonplace.
I don’t hate BTC. However, in my view, the long term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies. In the short run anything is possible – why I am not short BTC.
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Disclaimer: Show disclaimer . Michael Burry, a hedge fund manager famous for his prediction of the 2008 financial crisis, warns that government officials could “squash” bitcoin if an inflationary crisis occurs. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Investor Michael Burry warns that governments may “squash” bitcoin and even gold in order to protect their own currencies.
