Bloomberg TV
- Michael Burry tweeted about shiba inu, the dogecoin-inspired cryptocurrency.
- "The Big Short" investor dismissed the meme token, noting its supply exceeds 1 quadrillion coins.
- Burry has warned against buying crypto, labeling bitcoin a speculative, debt-fueled bubble.
Michael Burry, the investor of "The Big Short" fame, isn't a fan of shiba inu. He dismissed the dogecoin-inspired cryptocurrency, which has more than tripled in price over the past week, because there are too many of the coins in circulation.
The Scion Asset Management boss shared Coinbase's description of the meme token in a now-deleted tweet, highlighting that its supply exceeds a quadrillion coins.
"Just saying, one quadrillion seconds is about 32 million years," he tweeted. "One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless."
Burry's tweet suggests he doesn't view shiba inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation.
The hedge fund manager has been ringing the alarm on crypto this year. He described bitcoin as a "speculative bubble" fueled by huge amounts of leverage.
In addition, Burry questioned its long-term prospects, given the threat of government intervention. He also ridiculed dogecoin's surge to a record-high price, labeling it "a doge's breakfast."
Moreover, Burry has compared the hype around bitcoin, meme stocks, and other popular assets to previous bubbles in housing and internet companies. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful."
Burry is best known for his lucrative bet against the mid-2000s housing bubble, which was immortalized in the book and movie "The Big Short."
He also inadvertently paved the way for the meme-stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.