Michael Burry, who criticized big meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) in the past and described them as “meaningless”, shared his latest comments on the market. Here are the details…
Economic difficulties continue
The world economy has been in turmoil since the outbreak of COVID-19, and many countries are struggling to keep up with the emerging economic challenges. The United States was one of the countries that tried to find solutions to its economic problems by injecting millions of dollars into its economy to increase liquidity and improve the situation. But this solution seems to lead to a new problem – inflation.
As the government continues to pour money into the economy, the value of the dollar weakens, causing inflation to rise gradually. This prompted Fed Chairman Jerome Powell to take action, imposing a series of rate hikes since last year to strengthen the dollar and stabilize the economy. But this measure has sent shock waves through many risky assets, including the crypto market, which has been in trouble since last year. While things seem to be improving, inflation remains high and it is unclear how Powell and the Fed will deal with this situation.
Michael Burry’s latest statements: Powell should have stopped
Recently, shorthand investor Michael Burry criticized Powell’s actions, stating that he needed to admit he didn’t know how to fix the problem and sit on his hands for the next six months. Burry believes this will allow for more accurate price discovery and could help stabilize the economy in the long run. Burry used the following statements:
Powell should have just said, “I don’t know.” And he had to say it over and over as he sat on his hands for the next 6 months. Then we could get a real price discovery.
SHIB criticized DOGE
Burry is an American investor and hedge fund manager best known for his successful bet against the US housing market bubble in the mid-2000s. Burry was one of the first investors to realize the risk and potential of a housing market collapse and made a substantial profit by betting against subprime mortgages. Burry came to the fore last year with his criticisms of DOGE and SHIB.
cryptocoin.com As we reported, Michael Burry has previously expressed his disinterest in the Dogecoin-inspired cryptocurrency Shiba Inu (SHIB). Burry stated that he does not see SHIB as a compelling investment due to the significant limitations on the potential price increase imposed by the large number of coins in circulation. Burry also compared the hype surrounding Bitcoin, meme stocks and other popular assets to previous bubbles witnessed in housing and internet companies.
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