American investor and huge fund manager Michael Burry, known as “The Big Short” in the markets, is also known for predicting the crisis in 2008. Burry’s comments are followed by traders and investors.
After the bankruptcy of one of the largest exchanges, FTX, sharp declines occurred in the crypto money industry. It was seen that these events seriously undermined the total market value of the crypto money industry. In Michael Burry’s recent comments, it can be seen that he is turning to gold rather than the crypto money industry. Emphasizing the scandals in cryptocurrencies, Burry expects gold to gain value.
It is seen that the US Federal Reserve (FED) is gradually softening in interest rate hikes. Although Bitcoin should rise in this scenario, the FTX crisis turned the entire market upside down. According to Michael Burry, the interruption of the rises in the crypto money sector may increase the demand for gold even more. Having reached its highest level in the last 60 days, gold is gaining value both due to the softening of the FED’s interest rate hikes and the tensions between Russia and Poland. As of now, without the FTX crisis, Bitcoin could be expected to exceed the peak of the last 60 days like gold. BTC, which should have exceeded $ 23 thousand under normal conditions, is traded at $ 16,700 due to FTX founder SBF.