The post Crypto Market To Plummet, Predicts Michael Burry appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Everyone remembers the housing crash of 2008 that affected the global economy. Michael Burry, Founder of Scion Capital, was one among many who had predicted the crash well in advance.
Now, Michael Burry has given a series of interesting crypto predictions. He starts by commenting on the SEC’s investigation against Coinbase. Burry claimed that the SEC doesn’t possess the proper resources or IQ points that could act in support of the investigation.
At the start of this week, Coinbase came under SEC’s scrutiny for listing tokens that the SEC considers securities. Many industry experts and traders criticized the Commission for such a move and for being litigious without adequate reason.
Also, Pat Toomey, a Pennsylvania legislator, says that the SEC already knew what security is and still chose to investigate Coinbase.
Burry also discussed Walmart’s profit-making as he had forecasted that high gas and food costs would reduce citizens’ capacity to make any other purchase.
Further, he claimed that retail investors had inaccurately considered the bullwhip effect as inflation, causing inventory accumulation. He said several other retail companies would pull back the prices to sell their inventories.
Crypto Market To Decline, Claims Michael Burry
Michael Burry didn’t stop here.
He made a crypto prediction stating that crypto and technology stocks run parallel to each other as there is a connection between them. Hence, this correlation and the earning reports affect crypto and stocks, causing them to plummet even further.