Michael Burry, a man who correctly predicted the Financial Crisis of 2008 has suggested that in order to face the inflation crisis, governments all over the world would try and squeeze Bitcoin.
Currently, Bitcoin is the ‘cherry on top’ within the world of digital coins, altcoins, and digital assets. It has been able to continue its journey on the back of Bull-Run since the year of pandemic started. As of today, Bitcoin’s value has surpassed US$ 56,575 and within the past 6 months, it has accomplished over dozens of all-time highs. Even US$ 6 Billion dollars of annual investment into Bitcoin has been attained by Bitcoin.
Yet, Michael Burry, who is a man known for his authentic prediction of 2008’s financial crisis, has spoken about Bitcoin. He is currently managing a hedge fund and is regarded as one of the best analytics within the financial sector.
Burry stated recently that the global inflation crisis is right around the corner and there is nothing that could stop it to occur. He has also sent a warning to Bitcoiners and has advised them to be ready. In his opinion, in order to circumvent the inflation crisis, it is highly likely that worldwide governments will try to squeeze Bitcoin. He also suggested that Bitcoin will be joined by Gold as well, which would also be squeezed to counter expected inflation.
Burry explained that such measures will be taken by the governments to save and support their respective national currencies.
On the night of Thursday, 18th February, 2021, Burry was found indulging in sending and responding to tweets. His initial tweets talked about the very near inflation crisis for which he is sure that government will inject more stimulus. The stimulus on the other hand would give rise to inflation because worldwide economies would be undergoing a massive recovery process.
Burry has been famous for so many things like his prediction of 2008’s Financial Crisis. However, one prominent aspect of his huge fame is the Hollywood movie named “The Big Short”. The movie was a masterpiece in which Brad Pitt was also starred and acclaimed multiple awards.
He was manager of one of those hedge funds which disposed off 1.7 Million shares relating to Gamestop in 2020. When the Gamestop incident occurred, it was said that Burry had missed an opportunity to hit the jackpot of a lifetime. According to estimates, Burry’s hedge fund would have easily earned US$ 1 Billion plus in the incident.
Burry also asserted that he neither hate nor like Bitcoin too much. But the future of non-regulated crypto is expected to be unsubstantiated in his opinion.
Though Burry has his own predictions but US’s Federal Bank’s President has clarified many things regarding Bitcoin. Last week, James Bullard has clarified that he is unable to foresee any risks against US Dollars by Bitcoin or other digital assets.