What Michael Burry Just Said about Shiba Inu And Why SHIB Will Hit $10
Michael Burry And Shiba Inu.
Michael Burry, the investor of “The Big Short” fame, isn’t a fan of Shiba Inu. He dismissed the dogecoin-inspired cryptocurrency, which has more than tripled in price over the past week, because there are too many of the coins in circulation.
The Scion Asset Management boss shared Coinbase’s description of the meme token in a now-deleted tweet, highlighting that its supply exceeds a quadrillion coins.
“Just saying, one quadrillion seconds is about 32 million years,” he tweeted. “One quadrillion days is 2.7 trillion years, or All of Time, from the beginning of the universe, multiplied by 71,000. In other words, pointless.”
Burry’s tweet suggests he doesn’t view Shiba Inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation.
The hedge fund manager has been ringing the alarm on crypto this year. He described bitcoin as a “speculative bubble” fueled by huge amounts of leverage.
He also inadvertently paved the way for the meme-stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was betting against Elon Musk’s Tesla and Cathie Wood’s Ark Invest.
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