“The Big Short” investor Michael Burry has criticized the Shiba Inu (SHIB) cryptocurrency as “meaningless”. He also stated that the supply of the Dogecoin byproduct has exceeded 1 quadrillion tokens. Detail cryptocoin.com‘in.
Is SHIB pointless?
Michael Burry tweeted about the Dogecoin-inspired cryptocurrency Shiba Inu. Investor “The Big Short” slammed the meme token by stating that its supply has exceeded 1 quadrillion tokens. Burry warned against buying crypto, labeling Bitcoin as a speculative, debt-fed bubble. Michael Burry, the investor of “The Big Short” fame, is not a fan of SHIB. He criticized the Dogecoin-inspired cryptocurrency, which has more than tripled in price in the last week, for having too many cryptocurrencies in circulation. In a now-deleted tweet, the Scion Asset Management boss shared Coinbase’s description of the meme token, emphasizing that its supply has exceeded one quadrillion coins. The content of the tweet read: “I’m just saying, a quadrillion seconds is about 32 million years. One quadrillion days is the 2.7 trillion years since the beginning of the universe times 71,000, which is the entire time. In other words, it’s pointless.”
What kind of investment is the Shiba Inu?
Burry’s tweet indicates that he does not see the Shiba Inu as a compelling investment, as the large amount of cryptocurrencies in existence limit the possible price increase. The hedge fund manager is sounding the crypto alert this year. He described Bitcoin as a “speculative bubble” fueled by massive amounts of leverage. In addition, Burry questioned his long-term prospects, given the threat of government intervention. He also mocked Dogecoin’s rise to record price, calling it “a dog’s breakfast”.
Also, Burry compared the hype about Bitcoin, meme coins and other popular assets to previous bubbles in housing and internet companies. He warned that they were “driven by a speculative passion to insane heights where the fall would be dramatic and painful.” Burry is best known for his winning bet against the housing bubble of the mid-2000s, immortalized in the book and movie “The Big Short.” He also accidentally paved the way for the meme coin boom this year by investing in GameStop in 2019, and the latest portfolio update showed Elon Musk investing against Tesla and Cathie Wood’s Ark Invest.
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