Prominent American businessman Michael Burry cautioned individual investors will suffer “on a national scale” as the crypto and inventory meme markets crash.
According to Bloomberg, Burry composed on Twitter: “What the market fever and speculation is doing is enticing retail investors before the historic crash. As cryptocurrencies plunge from trillions of dollars, meme stocks free-fall from tens of billions of dollars, retail investors will suffer on a national scale.”
“History doesn’t change,” Burry stressed. Mr. Burry’s warning immediately caused a stir because he had been among the first investors in the US to forecast the subprime mortgage catastrophe of 2007, the assumption of the 2008 global financial crisis. 2009
The creator of the hedge fund Scion Capital considers that the fear of missing out on the rich chance (FOMO) that pervades the crypto and equities markets has pushed the asset’s cost too high.
Mr. Burry also expressed concern about many crypto investors borrowing massively to purchase Bitcoin, Ether, Dogecoin… “The problem with cryptocurrencies is that investors use excessive leverage,” he explained. .
In the past, Mr. Burry has also repeatedly warned about Tesla stocks, meme stocks, Bitcoin, Dogecoin, inflation and the stock exchange.
Before Mr. Burry, earlier this week billionaire Mark Cuban also cautioned about cryptocurrencies. He revealed he suffered a significant loss once the cost of this DeFi Titanium token plunged from $60 to almost $0. The DeFi Titanium token is a portion of a stablecoin project called Iron Finance.
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