Michael Burry believes bitcoin will crash. To date though, it just keeps going up. Photo-Illustration: Konstantin Sergeyev/Intelligencer. Photos: Paramount Pictures; Getty Images During the past year of COVID-induced market mania, cryptocurrencies have gone up so much — bitcoin is up about fivefold, while many other crypto projects are up far, far more — that even reluctant Wall Street institutions have begun to tiptoe into the arena.
Since then, though, the bitcoin bulls have only grown more optimistic. Despite a steep sell-off in May and the growing certainty that the Securities and Exchange Commission, the U.S. Treasury, and even the Department of Justice are getting ready to clamp down on the cryptocurrency world, retail and institutional investors alike have kept buying. When China announced on September 24 that it would ban all cryptocurrency activities, bitcoin fell less than 6 percent.
It’s undeniable that bitcoin pessimism has been costly over the past decade, making it easy to dismiss the naysayers for spreading “FUD” — or “fear, uncertainty, and doubt.” But Mike Green, a prominent investment strategist who was also short subprime before the financial crisis, when he worked at hedge fund Canyon Capital, nonetheless shares the perspective of his fellow ’08 Cassandras. “These guys tend to be good BS sniffers,” he says.
“I kind of like to have the Fed run by Ph.D.s who went to work for the government being the people deciding fiscal policy more than a bunch of kids,” he says, referring to the generation of extremely online young people who have figured prominently among the early adopters of bitcoin. “And the U.S. dollar is backed by the full faith of the United States.
“Crypto people think it’s an antidote to central-bank bubbles, but it has actually become a symptom,” says Mark Spitznagel, founder of Universa Investments, a hedge fund that made headlines by producing eye-popping gains during the COVID crash last year. Spitznagel, also a fervent critic of the Fed’s monetary policies post-crash, says cryptocurrencies themselves are fiat currencies, because they are “created out of thin air.
Similar questions and uncertainty swirl around the decision by El Salvador to adopt bitcoin as legal tender. “I would broadly describe what’s going on with El Salvador as they’re trying to make money-laundering the national business,” says Green, who contends that El Salvador is at risk of becoming a narco state.
mcelarier
mcelarier I'm one of the crypto doubters and earned my Economist of tge Year award by predicting the 2008 collapse. Crypto has less stability even than derivatives, since crypto is based on literally nothing. How can we value something that costs more to make than it's worth?
mcelarier So no one who is in crypto think this crisis is comming and after it happens the Fiat printing team wins and we all continue ? Yeah right......🙃
mcelarier Lmao, they genius who shorted bitcoin a week before a bitcoin etf goes live.
mcelarier How many decades of returns and constant flawless uptime, and impenetrable security will it take before people admit it just works? Eventually we all have to admit airplanes can fly. Eventually, it becomes irrational to drive cross country.
mcelarier Buy me some Tether_to scamdollars.
mcelarier These old timers are gonna look real stupid within the decade, it just goes to show that just because you were super successful in financial world 20-30 years ago doesn’t mean you understand new financial ideas
mcelarier I won’t go back into cryptocurrency ever but I feel a bit bad for stepping our too early.
mcelarier “Bitcoin doubters” are everyone with even minimal knowledge of finance or technology. Bitcoin’s supporters are a delusional cult.
mcelarier bitcoin is the pin📌
Bitcoin is currently backed by money, which isn't backed by anything currently. Red Flag 1. I'm not hating tho, get ur money where u can. No one knows the future and things can always change. Maybe its the future, maybe not. Maybe Ethereum or GME who knows...
mcelarier While there is a bid for BTC coming from the black markets and some oligarchs, BTC prices have been vastly inflated by the likely USDT fraud. Hard to predict when this will unravel, but it will be ugly.
mcelarier maybe your writers should actually research Bitcoin before shitposting. The author seems to have next to no idea how it works.
mcelarier You know he said Bitcoin was finished at 29k It's 61k now. He's clueless
mcelarier Disruption.
mcelarier RemindMe_OfThis in 5 years
mcelarier Why did the Big Short Guy delete his account? Oh yeah, that's right.
mcelarier 2 words… evergrande & tether
mcelarier 🤡🤡
mcelarier He is not wrong.
mcelarier Kodak energy
mcelarier Guys who picked the financial crisis are like my friend who won big on pokies at schoolies
mcelarier cmon boy, big short Bitcoin.
mcelarier Truly NGMI
mcelarier Burry was right then and wrong now and you guys suck at your job 🙃
mcelarier He shorted Tesla and probably Bitcoin, then he deleted twitter and uninstalled internet 😂
mcelarier I tend to think they’re right to an extent, due to the vol of btc Little do they know btc averages an 82ish% correction after every cycle high……….so they’ll be right till they aren’t👌🏼 then we’ll be right over the long run 🔥 halving difficultyadjustment timechain
mcelarier you mean the bailed out
mcelarier Didn‘t he short Bitcoin on the bottom a couple of months ago and deleted a tweet about that later on?
mcelarier tether
mcelarier You going to trust the opinion of 'experts' who missed out on the single best performing asset in all of financial history or the people who got it?
mcelarier 😂🥴🤡
mcelarier Fud 🍆🧞♂️
mcelarier lol.
mcelarier More of this please! We need more people who will short Bitcoin
mcelarier Could be right after the next BTC blow off top. Then they can say they told us so.
mcelarier The 'One-hit Wonder Collective' is now now on Spotify
mcelarier Oh, you mean this guy?!?!
mcelarier what is this trash article ? What's next ? comparing it to tulips ? 🙄🙄
mcelarier Lmao they didn’t even use an actual picture of Burry
mcelarier These people have been saying this since Bitcoin was $0.60 and now it's $60,000. And they'll continue saying it until Bitcoin is 6 trillion. And you'll continue printing it until we shut you down.
mcelarier So many poorly thought out assumptions on Bitcoin and the people that believe in it. Some of us do read up a bit.
mcelarier Please sell me your bitcoin. Please.
mcelarier That loser was talking about shorting at 30k. Clueless
mcelarier Bitcoin FUD Alert 🚨🚨🚨 We can HODL longer then can FUD. 👑🦍💎🧤ᕦ(ò_óˇ)ᕤ
mcelarier Hey New York rag, why don’t you trying coping a little harder
mcelarier What is an nymag?
mcelarier BTC is a CDS on the entire fiat currency system with no counter-party risk when you hold your own keys
mcelarier They are wrong and they will pronounce this in due time, when they actually understand bitcoin.
mcelarier Is that Messi?
mcelarier *Many
mcelarier It’s code not “a bunch of kids”. “12 phd’s” are more accurately described as 12 UNHWs. Some have given us cause to question their motives + their performance in relation to their twin mandates is currently abysmal. I’m not being entirely critical. It’s an impossible job.
mcelarier
mcelarier Hahahahahhahahaha have fun staying poor
mcelarier MichaelJBurry__ is a 1 trick pony. as Bitcoin does not follow the same metrics of fed manipulation. let him short the market hahaha. he will find out that he will make a bad bet.
mcelarier Michael Burry got absolutely anihilated on his BTC short btw 😂
mcelarier They're all gonna have fun doing you know what
mcelarier
mcelarier Who TF cares
mcelarier Yay! Tulip FUD is back! Oops. Strawman.
mcelarier First they ignore you, then they laugh at you, then they fight you… then what again?
mcelarier Slaves will eat this
mcelarier New York Magazine=mouthpiece of the state
mcelarier
mcelarier
mcelarier Pathetic article. It's over. Bitcoin is inevitable.
mcelarier So much cringe in this - and so many tells: Lumping btc into cryptocurrencies Thinking that bitcoin can be shutdown No mention of the leverage in tradfi and qe infinity No understanding of a global sound money protocol Calling btc a Ponzi and not recognizing the fiat Ponzi
mcelarier The same guys who shorted Tesla? Lol
mcelarier One has been short since 40k and deleted his tweets
mcelarier If anyone should write a piece trying to throw cold water over Bitcoin, it should be this person. Thank you for not disappointing.
mcelarier bitcoiners are the worst performers in the crypto market
mcelarier
mcelarier Lol this guy has deleted his Twitter account like 4 times now from being wrong about BTC y’all are really gonna use him as an example?
mcelarier Fiat currency is going to zero against Bitcoin Anyone smart is not holding paper Monopoly money
mcelarier “I kind of like to have the Fed run by Ph.D.’s who went to work for the government being the people deciding fiscal policy more than a bunch of kids” These people live in a fiat world of fantasy. bitcoin will not wait for any of them to catch up.
mcelarier Oh no they we're right about the 08 crisis therefore they must be right now. hothandfallacy
mcelarier 👎🏼
mcelarier lol New York, the town everybody is leaving , nobody cares what u think of crypto!
mcelarier He shorted at 30k, lost a shitload and deleted his twitter when it hit 60k. He also shorted tesla and lost anton of money. And deleted his twitter account.
mcelarier
mcelarier Our media is classless trash, that is in line with our modern high time reference society.
mcelarier 'As Roubini put it in the Goldman report, “Bitcoin and other cryptocurrencies have no income or utility, so there’s just no way to arrive at a fundamental value.”' ok, gold currently trades at USD 1 770 per oz t - what is its 'fundamental value'?
mcelarier he IS short......
mcelarier Incredible quote
mcelarier The ‘Big Short’ guy has BDS. Egos are getting eating alive by the protocol. What a great time to be alive👍
mcelarier Old news, old guys.
mcelarier What a shock that one of the most financially oppressive state would have this kind of take.
mcelarier What shitty article
mcelarier This article has mistakes, the Michael Burry article and deleted tweet cited did not specifically mention Bitcoin at all as this article implies, he said 'Cryptocurrecies' and 'Crypto/Meme bots'
mcelarier 'many'
mcelarier Nah... Christian Bale is long.
mcelarier Sit down old men, the younger generation of builders are here to take over
mcelarier Sutor, ne ultra crepidam.
mcelarier lots of them have been consistently wrong last 10 years not just about bitcoin, so they are not a reference, looks like they have been lucky one time
mcelarier Ngmi , terrible journalism
mcelarier
mcelarier SubpoenaTheTrades in GME & AMC between Jan 25, 2021 and Feb 1, 2021. Along with emails and phone records between Market Makers, Prime Brokers, & Regulatory Entities involved. SubpoenaTheTrades Let your Senators know StillUnresolved
mcelarier HFSP
mcelarier Lol he was literally asking on Twitter how to short just few days before Bitcoin went up 30%+ & nearing it's ATH. He's completely discredited himself &, by association, so have you 😅
mcelarier LOL
mcelarier It's so early *still* ... “I kind of like to have the Fed run by Ph.D.’s who went to work for the government being the people deciding fiscal policy more than a bunch of kids,” “And the U.S. dollar is backed by the full faith of the United States. Does bitcoin have an army?”
mcelarier This is one of the examples why Bitcoin was created, as well as Wikileaks getting their PayPal cancelled ✌️😎♥️
mcelarier
mcelarier Why would we listen to fiat investors when their unit of account is being decimated as we speak?
mcelarier RemindMe_OfThis in 3 years
mcelarier tweet_stamp stamp
mcelarier These people are hopelessly trapped by their fiat mindset. NGMI.
mcelarier That was a great informative read mcelarier , glad there were no paywalls this time 🤪🤪🤪
mcelarier The timing of this article🤣 Truth be told, Michael Bury was boasting about shorting bitcoin on Twitter recently, without doubt has been liquidated, then he proceeded to fight people on twitter - account has now been deleted. definitely won't be watching The Big Short again 😆
mcelarier The most prominent, Michael J Burry shorted, got liquidated, cried about it on Twitter until he deleted his account. Sounds like a pretty cool guy to put your confidence in on this particular issue.
mcelarier They’re absolutely right
mcelarier They always use a picture of Christian Bale lol
mcelarier Bitcoin doubters should cry harder
mcelarier Bitcoin is up over 100% since at Michael Burry made his crypto winter prediction this summer, just FYI.
mcelarier “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”-Upton Sinclair
mcelarier HFSP
mcelarier 'Yellow Cab thinks Uber won't last' That's all they're saying.
mcelarier He shorted at 30k and got REKT 🥲
mcelarier The next gen gets it. That’s why it’s inevitable. $BTC $COTI $ADA
mcelarier Michelle, that was Easily the Best article on both Bitcoin and Shorts. Zhu Su quote was an eye opening explanation of TSLAQ Poor Decisions as well. Thank you.
mcelarier If either John Paulson or Burry had put all their $ earnings from housing short into $BTC instead of gold the one that did would be the richest person on the planet. By a lot. Even a portion would put them in Putin class. Tell me Paulson is happy he say in gold.
mcelarier Good summary
mcelarier next time talk to some folks other than permabears who have been continually wrong in their bitcoin predictions
mcelarier Great article as always!
mcelarier mcelarier is a legend
mcelarier It’s just an article, guys. Calm down. You can still love Bitcoin, and have 200% of your PA’s in it, and even do very well. And other people can question it and try to ascertain if it represents value, anti-value, pure speculation, or something else. This is what investors do.
mcelarier The key takeaway from this piece, for me, is the last paragraph.
mcelarier Who has been more successful as an innovator and investor, Marc Andreesen or Michael Burry? Yeah, I know who I’m aligned with.
mcelarier so they're shorting bitcoin then?
mcelarier How did his Tesla short work out? 😆
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