Famous American investor Michael Burry, who predicted the 2008 financial crisis, has withdrawn his statement telling his Twitter followers to “sell.” His bullish reversal follows years of predictions that financial markets would continue to tap lower lows since peaking in 2021. Burry Flips Bullish? On Thursday, Burry reactivated his Twitter account – which he frequently deletes – to make a succinct statement: “I was wrong to say sell.” I was wrong to say sell. — Cassandra B.C. (@michaeljburry) March 30, 2023 On January 31, Burry put out a one-word tweet telling followers to “Sell,” and deleted his account shortly afterward. Since then, he’s frequently re-activated and removed the account to post other financial predictions – including ones related to the US banking
Topics:
Andrew Throuvalas considers the following as important: AA News, Twitter
This could be interesting, too:
Chayanika Deka writes BIT Mining Settles for M Over Bribery Allegations in Japan Resort License Bid
Wayne Jones writes US Charges 5 for Multi-Million Crypto Hacking Operation
Jordan Lyanchev writes 0M in Liquidations as Bitcoin Dumps Below K, Ripple Down 10% Daily
Wayne Jones writes Shaquille O’Neal Agrees to M Settlement Over NFT Lawsuit
Famous American investor Michael Burry, who predicted the 2008 financial crisis, has withdrawn his statement telling his Twitter followers to “sell.”
His bullish reversal follows years of predictions that financial markets would continue to tap lower lows since peaking in 2021.
Burry Flips Bullish?
On Thursday, Burry reactivated his Twitter account – which he frequently deletes – to make a succinct statement: “I was wrong to say sell.”
I was wrong to say sell.
— Cassandra B.C. (@michaeljburry) March 30, 2023
On January 31, Burry put out a one-word tweet telling followers to “Sell,” and deleted his account shortly afterward. Since then, he’s frequently re-activated and removed the account to post other financial predictions – including ones related to the US banking sector earlier this month.
On March 12 – the day the Federal Reserve announced a full bailout for depositors of Silicon Valley Bank – Burry compared the situation to the financial crashes of 2000 and 2008. “People full of hubris and greed take stupid risks, and fail,” he said. “Money is then printed. Because it works so well.”
The following day, Burry claimed that the banking crisis could “resolve very quickly,” and that he didn’t detect any “true danger” in the market. Last week, he said Federal Reserve Chairman Jerome Powell should have told markets “I don’t know” at his press conference after the central bank rose its policy rate by another 25 basis points.
While known for frequently predicting financial calamity (on which his track record isn’t perfect), Burry followed his correction on Thursday with a tweet confirming his flip to bull mode. “Going back to the 1920’s there has been no BTFD generation like you,” he wrote while sharing a graphic depicting rising average stock market returns following down days.
Going back to the 1920s, there has been no BTFD generation like you. Congratulations. pic.twitter.com/iAGN0CqmjD
— Cassandra B.C. (@michaeljburry) March 30, 2023
When the Fed began announcing programs to provide the banking sector with extra liquidity this month, Bitcoin bulls celebrated what they called a new form of money printing. BitMex co-founder Arthur Hayes told investors to “buy the pivot,” while referring to the central bank’s Bank Term Funding Program as “repackaged” yield curve control and quantitative easing.
Following FTX’s collapse in November, Burry advised investors to stay away from the crypto sector and instead direct their investments toward gold. Gold’s price has risen roughly 10% since the start of the year, while Bitcoin is up 69%.