Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022.
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet.
Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment.
In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity.
Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.
Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022.
Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.”
In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story.
“I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet.
Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment.
In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity.
Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.
The total value locked (TVL) in decentralized finance (defi) during the first week of April is about $50 billion, roughly the same as on March 1. The value locked dropped to $42 billion on March 12 but has since rebounded as protocols such as Lido Finance, Aave, and Justlend recorded double-digit monthly gains.
According to statistics, the value locked in defi on April 2, 2023, is $50.22 billion, up 0.91% in the past 24 hours. The protocol Lido Finance commands a TVL of around $10.94 billion as of Sunday. Lido dominates the $50 billion TVL with 21.77%, and the value locked in the protocol saw a 19.75% rise in March.
Makerdao’s TVL is below Lido’s at $7.7 billion as it rose 9.66% last month. Aave’s TVL increased by 16.94% to the current $5.55 billion. Protocols following Lido, Makerdao, and Aave in TVL size include Curve, Uniswap, Convex Finance, JustLend, PancakeSwap, Coinbase Staked Ethereum, and Instadapp.
While Lido jumped over 19% last month, Coinbase Staked Ethereum rose by 22.29%, and Rocketpool, another Ethereum (ETH) liquid staking protocol, saw its TVL rise by 18.47%. Other notable risers in terms of TVL in defi protocols include Liquity, up 27.12% over the last 30 days, and Bwatch, which rose 25.78%.
Of the $50 billion TVL today, 58.6% of the value locked is housed on Ethereum. 10.69% is held on Tron, 10.15% is stored on the Binance Smart Chain (BSC), and 4.4% is kept on Arbitrum. Ethereum’s TVL is $29.39 billion, and Tron’s is currently $5.36 billion.
Ethereum’s and BSC’s TVLs shrunk in March, but Tron’s rose 2.8% higher, and Arbitrum’s TVL swelled by 13.93%. Notable gainers in March include Mixin (+16.32%), Defichain (+14.84%), and Kava (+18.52%).
Optimism’s TVL was reduced by 9.68% in March, and Fantom’s slid 8.87% lower. Polygon and Avalanche also saw TVL reductions during the past 30 days. Ethereum has the most defi protocols with 720, while Tron only has 17. BSC has a total of 568 recorded, and Polygon has 399 defi protocols.
Defillama statistics show that Ethereum-based decentralized exchanges (dexs) have seen $4.54 trillion in cumulative volume. BSC has recorded $1.46 trillion, and Avalanche has seen $215.22 billion to date. Dex volume by chain is almost as high as it was in May 2022.
What do you think the future holds for the value locked in decentralized finance? Will we see continued growth, or could there be another dip in the near future? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
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