‘Big Short’ Michael Burry Leaves Twitter After Advising Investors to Sell
Michael Burry – the famous American investor and hedge fund manager who predicted the 2008 financial crisis – deleted his personal Twitter account.
In his latest tweet from last night (February 1), he advised investors to “sell.” However, most markets, including the cryptocurrency one, surged after the Federal Reserve increased the interest rates from 4.5% to 4.75%.
The Markets are in Green
The 51-year-old American, who became popular from “The Big Short” movie, tweeted yesterday one word – sell – ahead of the long-awaited FOMC meeting.
The central bank of the USA raised the benchmark federal funds rate by 25 basis points to 4.75%. Despite increasing the figure for the eighth time in a row, the markets reacted positively. Nasdaq is up nearly 1.5% for the past 24 hours, while S&P 500 climbed by 0.5%.
The cryptocurrency market is also well-situated in the green. Some assets spiked by double digits, while bitcoin surpassed the $24K level for the first time since August 2022.
Burry erased his tweet and even deleted his entire account shortly after. His decision caused speculation among the financial community, with some arguing he left the social media platform to escape criticism about his advice, which, so far, is not going his way.
Others joked that this could be among the few times the hedge fund manager missed on his forecast, while Jim Cramer, who opined that the market has shifted into a bull mode, was right.
It is worth noting that Burry has deactivated his Twitter profile numerous times. He vowed to stop doing so at the end of last year, saying he trusts the platform’s new boss Elon Musk. However, he deleted his account hours after praising the latter’s leadership.
His Previous Predictions
Burry claimed in the summer of 2021 (when bitcoin and most altcoins were in a bull run) that the “mother of all crashes” will hit the cryptocurrency market. The sector, indeed, passed through a devastating 2022, which saw a significant price decline and countless bankruptcies of industry players.
He advised investors to focus on gold after the FTX collapse, arguing that the world of crypto will continue to suffer from the infamous catastrophe.
The precious metal is up by nearly 12% since Burry shared that guidance. On the other hand, bitcoin has climbed over 40%.
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Filed under: Bitcoin - @ February 2, 2023 2:11 pm