‘Big Short’ investor Michael Burry says he doesn’t hate bitcoin but thinks its ‘long-term future is tenuous’

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Government regulation is what bitcoin bulls should fear more than anything, according to legendary investor Michael Burry. In a Sunday tweet, the Scion Asset Management chief said while he doesn't hate bitcoin and isn't short the digital currency, he sees its "long-term future" as "tenuous." In his tweet, Burry said "legally violent, heartless centralized governments with #lifeblood interests in monopolies on currencies" won't allow bitcoin to thrive and remain decentralized in the long-term. Still, the Big Short investor noted "in the short-run anything is possible" for the digital currency. Bitcoin surpassed the $1 trillion market capitalization milestone last week before retracing gains on Monday. The cryptocurrency returned over 300% to investors in 2020 alone. Burry is best known for his billion-dollar bet on a US housing market crash before the 2007-08 financial crisis which was immortalized in "The Big Short" by Michael Lewis, and a subsequent movie by the same name. The Sunday tweet from Burry comes as he continues to sound alarms over a...read more...