Cryptocurrencies are the biggest bubble of all time, said legendary investor Michael Burry, who sees no fundamentals in the industry.
However, he hinted that he has been selling the 30-year Treasuries, which are debt securities issued by the United States Government, on the market.
It means that an investor buying a bond lends money to the government and receives interest for it.
When selling government bonds, he indicates that he believes the Fed is likely to raise interest rates soon, which would cause treasuries to fall.
The market expects a rise in the US interest rate, as dollar inflation has already reached 6.2% in 2021 consolidated, already showing concerns worldwide.
Michael Burry remembers that he never sold cryptocurrencies, and this is the biggest bubble ever he passed through
Michael Burry is a recognized investor worldwide when he sells stocks and government bonds, betting on the market to fall.
This practice is called “short” by financial analysts, indicating distrust with the future of the traded asset.
However, he has recently returned to attack the cryptocurrency market, even using a song to remind people that many people have not seen any significant drops in the market.
In his view, young people who invest in cryptocurrencies and Tesla shares are unprepared for the market crash, which should happen soon, he said.
However, last Sunday, November 14th, Burry posted a reminder that he has not yet sold cryptocurrencies in the market.
However, if it was unclear whether he is considering making this move soon, he also said that the same could not be said for the 30-year US Treasures he has been selling.
In suggesting that he never sold, Burry called the cryptocurrency market a giant bubble ever since, and this was his third and the biggest he has passed through.
He recalled that he has already learned some things from past bubbles, which could be essential to cross a possible burst of this current speculative movement in the market.
It is worth remembering that Michael Burry is considered one of the most prominent critics of Bitcoin, accumulating several public speeches about the market, which he believes without any value.
However, he does not usually address Bitcoin directly in his criticisms, but the entire cryptocurrency market, and it is not clear whether his criticism is directed at speculation with altcoins or at fundamentals in the technology of that market.