“The Big Short” investor Michael Burry has called the Shiba Inu cryptocurrency coin “pointless,” saying there are too many coins currently in circulation.
According to Business Insider, Burry recently tweeted that the meme-based cryptocurrency is pointless.
- “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.”
Per Business Insider, Burry’s new comments suggest that “he doesn’t view Shiba Inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation.”
- Burry has been a critic of cryptocurrency for years, according to Business Insider. He said Bitcoin was a “speculative bubble” and Dogecoin was “a doge’s breakfast.”
The Shiba Inu cryptocurrency coin rose in value recently after a “mysterious whale” bought “massive amounts of Shibu Inu” in recent days, per Yahoo Finance. The coin ended up becoming the 12th-biggest cryptocurrency in the world, surpassing Litecoin and Avalanche’s AVAX.
- But soon after, Shiba Inu dropped 30% in a 24-hour period as of Friday. The crash came after major gains. A dip was expected to happen, though, according to Benzinga.
The Financial Conduct Authority has warned people that crypto coins can be risky for investment because of the volatile nature of the market.
- “Investing in cryptoassets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”