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Michael Burry of "Big Short" Fame Has Warning About $7 Trillion Worth of Stocks That Are Exposed to Crypto

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Thu, 10/14/2021 - 19:41
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Alex Dovbnya
Only a handful of board members have knowledge about cryptos, a new report shows
Michael Burry of "Big Short" Fame Has Warning About $7 Trillion Worth of Stocks That Are Exposed to Crypto
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Michael Burry, the American investor who made a fortune by predicting the crash of the U.S. housing market, has taken note of a recent report published by financial firm MSCI, which highlights the risks that cryptocurrencies pose to the U.S. equities market.

MSCI has estimated that a staggering $7.1 trillion worth of stocks have exposure to the fledgling industry.

This includes public cryptocurrency-only companies of the likes of Coinbase as well firms like Tesla that are heavily invested in the new asset class. Finally, there is also a group of stocks that only have insignificant exposure to crypto.

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Burry, who has emerged as an ardent crypto skeptic earlier this year, takes issue with the fact that only 79 out of the 6,500 board members of the companies whose stocks are part of the $7 trillion figure are knowledgeable about crypto.

He jokes that this egregious lack of expertise must be a feature, not a bug.

As reported by U.Today, Burry recently took a swipe at Shiba Inu, a Dogecoin offshoot, after a series of failed Bitcoin price predictions.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.