Famed investor Michael Burry, who is best known for successfully betting against subprime mortgages ahead of the 2008 financial crisis, published a series of since-deleted tweets on Thursday, warnings retail investors of the dangers of a crypto and meme-stock collapse.
“All hype/speculation is doing is drawing in retail before the mother of all crashes,” Burry tweeted, adding that “When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed.”
Burry, who’s was portrayed by Christian Bale in ‘The Big Short’ has become widely popular among the retail-investing crowd, particularly after he revealed his bullish view on meme stock GameStop back in 2019. This added further fuel to the surge in a monumental individual investor frenzy that caused numerous short-sellers to lose billions of dollars.
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However, Burry is not the only one to issue caution against the latest crypto craze. Billionaire Mark Cuban, who owns the Dallas Mavericks basketball team and is an early crypto investor, this week revealed that he sustained losses following the sharp drop in the DeFi Titanium Token, which fell from $60 to nearly $0 within the span of days.
Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
