Michael Bury of “The Big Short” Asked About Crypto Shorting Before Bitcoin Hits $60,000

Texas News Today

“Big Short” investor Michael Bury asked how to bet on bitcoin just before the world’s largest cryptocurrency hit a six-month high and crossed the $60,000 level.

“Well, I’ve never done this before, how do I short crypto,” Barry said in a tweet on Wednesday. “Do I need to secure the loan? Is there a short discount? Is it possible to short the call? In these volatile situations, I think it’s best not to short it, but here. I’m thinking out loud . “

Bitcoin crossed $60,000 on Friday, its highest level since April 17. Investors and analysts are optimistic that US regulators will be able to give a green signal to the first bitcoin futures exchange-traded fund as soon as next week. Such a move gives mainstream investors exposure to the crypto market and allows for even greater acceptance of digital assets on Wall Street.

Well-known investors have criticized the cryptocurrency for its intense volatility and speculative trading activity. He previously compared bitcoin to the housing bubble of 2007, where he bet and made huge profits.

“According to MSCI, the market capitalization associated with the shares of companies holding cryptocurrencies is $7.1 trillion, but MSCI has only 79 of its 6,500 board members with cryptocurrency expertise. This is a feature, not a bug,” he says. . said in a tweet deleted on Thursday.

Last week, Barry even called the meme token Shiba Inu “meaningless.”

Barry was one of the first investors to call and profit from the subprime mortgage crisis. He was featured in Michael Lewis’ book The Big Short and the subsequent Oscar-winning film of the same name. Burry currently manages approximately $340 million in Scion Asset Management.

Scion Asset Management did not immediately respond to CNBC’s request for comment.

Barry regularly deletes his Twitter account and keeps it private under the handle @michaeljburry. Last week he reopened his account and made it public. In his recent tweets, he commented on a range of topics from taxing the wealthy to the Federal Reserve and former President Donald Trump. Barry was seen deleting his account again on Friday.

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