By Dana Sanchez

Dr. Michael J. Burry, the hedge fund manager who made a fortune off the subprime mortgage crisis and helped inspire the best-selling book and movie, “The Big Short,” described bitcoin as a “speculative bubble” in a now-deleted tweet.

Bitcoin recently recorded its highest drop ever, trading at a high of $58,000 on Feb. 21 before nosediving to $47,700 within 19 hours. It has more than tripled in price over the past six months.

Burry admitted that bitcoin bulls are right about the cryptocurrency’s relevance, but that doesn’t change the fact that it’s a risky investment.

“$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history,” he wrote. “If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

Burry knows all about bubbles. He earned hundreds of millions of dollars off Click here to read entire article

Source:: AFKINSIDER