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Famous investor and popular by his title ‘Big Short’, Michael Burry reported to sell all his stocks. Burry’s hawkish move of dumping almost all the belongings in his portfolio attracted a lot of attention. Although the investor short his positions in stocks, the crypto market also receives the heat of this instance. Many people started looking at it as a signal of any upcoming destructive situation for the market, again.
On Monday, 15th August, 2022, Scion Asset Management, hedge fund of Michael Burry filed a 13F disclosure with the SEC. The disclosure noted that Burry had shares of different companies approx 292 million USD. These companies included even the giants like Apple and Meta and several others. Surprisingly, his portfolio was only left with stocks of a private prison company.
Bitcoin and the broader crypto market showed correspondence to Stock markets with each other at several instances lately. Be it interest rate hikes of Federal Reserves or breaking out of war between Russia and Ukraine, both the markets witnessed similar impacts. Now when Michael Burry sold his stocks, people see through the lens of past incidents a potential warning for the crypto market also.
Although this did not create much panic as Burry did not make any prediction along with his selling of stocks. This becomes crucial given the history of famous investor’s predictions. Burry became popular at the time of the 2008 recession. He correctly predicted the housing bubble and even generated money despite the worst financial times. His outlook on bitcoin as a bubble, during March 2021, also turned out to be true to a large extent where the top cryptocurrency shed a significant amount of its value.
However, experts do not agree with any indication of upcoming chaos after Burry’s stocks dump. Founder and CEO of Quantum Economics, Mati Greenspan remained calm and composed even after the big short’s recent move. He compared predicting upcoming market crashes to predicting an earthquake.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
