Michael Burry, who predicted the 2008 housing market crash wrote on Twitter that “we have not hit bottom yet”.
Burry tweeted, “Crypto crash. Check. Meme crash. Check. SPAC crash. Check. Inflation. Check. 2000. Check. 2008. Check. 2022. Check.”
Just a few months ago, Burry said that crypto and stocks haven’t come closer to hitting rock bottom and that driving prices may even get lower. Last year too, he called the stock and crypto markets the greatest speculative bubbles of all time.
Currently, bitcoin is down more than 60% this year and plunged below the $19,000 threshold.
In June 2021, Burry cited irrational “fear of missing out” trading activity related to cryptocurrencies and meme stocks as a sign of the volatility and cautioned that US stocks were heading toward “the mother of all crashes”.
The S&P 500 is down about 18% since January and the Dow Jones Industrial Average has fallen 15%. The tech-heavy Nasdaq has fallen 9% in the same period.
The Scion Capital Management chief sold off his entire stock portfolio (including several Big Tech firms) this summer, while adding a small stake in private prison operator Geo Group.
