Bitcoin NewsWorld News

Michael Berry: Governments can “crush” bitcoin

Michael Burry, owner of a hedge fund previously known for predicting the 2008 US financial crisis, warned that governments could crush bitcoin to preserve the value of Fiat currencies. He warned of the need to prepare for inflation, citing an increase in financial support packages.

to the the report Bitcoin Dotcom Michael Berry warned that governments could destroy bitcoins and even gold to protect their currencies. Michael Berry is the founder of Scion Capital Investment Fund and became famous for being the first investor to forecast and profit from the US financial crisis from 2008 to 2011.

Berry posted a series of tweets on February 20:

Prepare for inflation.

“In an inflationary crisis, governments will do their utmost to eliminate currency rivals,” he said.

Various governments around the world will raise prices and cause inflation to compensate for the damage done to the global economy following the outbreak of the Corona virus with their support packages.

Michael Barry rose to fame after portraying his million-dollar income from the housing bubble in The Big Short. The film is based on the book of the same name, about the financial crisis of 2007 to 2008 in the United States. The Great Depression, directed by Adam McKay and starring Christian Bale as Michael Barry, Steve Carl, Ryan Gosling and Brad Pitt, was released in 2015.

The Great Depression Movie
The Great Depression Movie

Michael Berry Investment Fund, on the other hand, owned about 1.7 million shares of Gamestop, which it sold in the fourth quarter of last year, before the company rose sharply. According to Forbes, Barry lost $ 2,000 billion worth of $ 1 billion worth of video game retailer by selling his stock. Activities on Reddit’s popular social media are said to have had no effect on the rise in the share price.

But Barry clarified his position on bitcoin in a Twitter message on Saturday (March 23rd) and said:

I do not hate bitcoin. I find it difficult to imagine a bright long-term future for a decentralized digital currency in a world full of centralized governments with strict, soulless and utilitarian laws that monopolize physical currencies. But since anything is possible in the short term, I do not shorten bitcoins.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button